By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- The S&P 500 closed at an all-time
high for the 27th time this year on Thursday, but other U.S.
stock-market benchmarks slipped back into the red just ahead of the
closing bell.
The main benchmarks traded in a narrow range throughout the
session as investors processed a deluge of earnings reports and
mixed economic data.
The S&P 500 (SPX) closed less than a point higher at
1,987.98, after setting a fresh intraday record. The Dow Jones
Industrial Average (DJI) finished off 2.83 points at 17,083.80. The
Nasdaq Composite (RIXF) ended the day 1.59 points lower at
4,472.11.
Read the recap of MarketWatch's live blog of today's
stock-market action.
Colin Cieszynski, chief market strategist at CMC Markets, says
markets have had a pretty good run, which make them vulnerable for
corrections.
"Markets are already at lofty levels and we need more good news
to keep going higher," he said. "Today's economic and corporate
news have been mixed. Earnings so far have supported the market,
but there is cautious optimism among investors as we are entering
historically weak months."
Shares of Facebook(FB) jumped 5.2% action after its profit and
sales beat expectations.
Ford(F) shares rose 0.3% after the car maker beat earnings
expectations.
General Motors Co. (GM.XX) profit sank 80% as the auto maker was
hit by recalls. Adjusted earnings matched analyst expectations.
Shares fell 4.5%.
Among the decliners, TripAdvisor Inc. (TRIP) sank 5.2% and
Angie's List Inc. (ANGI) tumbled 19% after those companies
separately reported late Wednesday.
Caterpillar Inc. (CAT) shares dropped 3.1% after the maker of
manufacturing equipment said sales fell short of expectations in
the second quarter, but the company raised its earnings outlook
again.
For more on Thursday's notable movers, read our Mover &
Shakers column.
Among economic news, the number of people filing for
unemployment benefits fell to the lowest level since February 2006,
surprising economists, but June's pace of new-home sales hit a
three-month low and the May rate was revised down
significantly.
Outside of a loss for the Nikkei 225 index , Asian stocks rose
across the board Thursday with a 1.2% gain for the China Shanghai
Composite , after a preliminary reading of Chinese manufacturing
data from HSBC hit an 18-month high. European stocks gained across
the board amid a big earnings day there.
Crude-oil (CLU4) edged lower along with gold prices (GCQ4),
while the dollar (DXY) steadied.
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