Day of drift for stock indexes – Philly.com

Alex Veiga, Associated Press

Posted: Saturday, May 16, 2015, 1:08 AM

U.S. stock indexes spent Friday mostly drifting between tiny gains and losses, but the small moves were enough to nudge the Standard & Poor’s 500 index to its second record high in two days.

The Dow Jones industrial average also notched a gain for the second day in a row. The Nasdaq bucked the trend, closing slightly lower.

Utilities stocks were among the biggest gainers as investors weighed a mix of U.S. economic data and corporate earnings news. The price of U.S. oil fell slightly, ending a second week in a row nearly flat just under $ 60 a barrel.

Despite the latest milestone, it was a mostly listless day on Wall Street, as traders appeared content to hold off on major moves following Thursday’s big rally.

“Often, in fact, there’s a bit of selling pressure in these situations, as many people want to book some profits after these days,” said JJ Kinahan, TD Ameritrade’s chief strategist.

The Dow rose 20.32 points, or 0.11 percent, to 18,272.56. That’s within 16 points of its record set March 2.

The S&P 500 index gained 1.63 points, or 0.1 percent, to 2,122.73. The Nasdaq slipped 2.50 points, or 0.05 percent, to 5,048.29. The three indexes are up for the month and year.

Trading got off to a sluggish start early Friday and remained mostly muted, with the major indexes hovering near their prior-day totals.

Separate reports on Friday offered a mixed assessment of U.S. manufacturing. The Federal Reserve said factory activity in New York increased slightly in May.