Stocks drift slightly higher, but finish weakly, at session lows, as bids seemed to disappear in the closing minutes. It’s been a strong month for equities, so no surprise to see a little money come off the table near the close.
Sleepy trading overall, with markets seemingly on autopilot as 2010′s conclusion draws near. Financials, utilities, industrials and consumer staples all pull back; energy, materials lead advancing sectors. USD gets hit pretty hard, and Treasurys produce a nice rally following yesterday’s sell-off, 10-yr yield back down to 3.34% after ending yesterday near 3.49%.
DJIA rises 9.84 to 11585.38, closing at its highest level since late August 2008. The average is up more than 5% in December and 11% for the year. Nasdaq Comp adds 4.05 to 2666.93. S&P 500 ends 1.27 higher at 1259.78. The index is up 6.7% this month and nearly 13% for the year.
Weekly jobless claims, December Chicago ISM (formerly PMI) and November pending home sales all due tomorrow. Data hasn’t had a great influence on stocks lately, though, and not much reason for it to draw much reaction tomorrow, either.