Stocks trade in tight range

US stocks traded in a tight range at midday yesterday, struggling to break higher on the heels of positive sentiment in a shortened trading week, even amid lacklustre corporate news.

Around 11.30am ET, the Nasdaq composite was up 5.92 to 1474.66, the Dow Jones industrial average was up 9.25 to 8814.09 and Standard & Poor’s 500 index was down 0.48 to 930.07.

“We’re seeing some cautious trading right now, but the volume is decent, the momentum is on the upside and, traditionally, this is a good week for the markets,” said Peter Cardillo, director of research at Global Partners Securities.

Markets have a short week, with Wall Street taking a break for Thanksgiving holiday Thursday and putting in a half session Friday. Traditionally, Thanksgiving week tends to be positive one.

Market breadth was positive. On the New York Stock Exchange, winners edged losers as 592 million shares traded. On the Nasdaq, advancers beat decliners 8 to 7 as 833 million shares changed hands.