Stocks close little changed despite strong readings for home prices and consumer confidence
The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated toward the flat line later in the session as Wall Street continued its recent period of low volatility.
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The tech-heavy Nasdaq Composite added about 0.2% for its own record of 14,528.33.
Homebuilder stocks moved higher after S&P Case-Shiller said home prices rose more than 14% in April compared to the prior year. Five U.S. cities, including Seattle, saw their largest annual increase on record. Shares of PulteGroup rose 2%.
The Conference Board’s consumer confidence reading for June came in higher than expected, adding to the bullish readings about the economic recovery.
The market has churned out a series of record highs in recent weeks, but the gains have been relatively modest and some strategists have pointed to weak market breadth, measured by the performance of the average stock and the number of individual names making new highs, as a potential area of concern.
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