Wall Street ended a robust week on a quieter note today after the US Commerce Department reported that housing construction fell to its lowest level in more than six years.
The Dow Jones industrials rose moderately, managing a fourth record high close in a row.
The technology-heavy Nasdaq composite index pulled back slightly, following a string of five straight advances for the major indexes.
For the week, the major indexes rose, though today’s move higher was somewhat tepid as declining issues outnumbered advancers on the New York Stock Exchange by about 6 to 5.
Todd Leone, managing director of equity trading at Cowen & Co, said markets were reacting to the weaker-than-expected housing data but also could use a break before moving higher.
“The market is acting tremendously,” he said. “I’d like to see a sell-off and we’ve been getting a little too bullish.”
The Dow rose 36.74, or 0.30%, to 12,342.56, which was also the Dow’s new trading high.
Broader stock indicators were narrowly mixed. The Standard & Poor’s 500 index rose 1.44, or 0.10%, to 1,401.20, marking the first time the S&P closed above 1,400 in more than six years. The Nasdaq composite index was down 3.20, or 0.13%, at 2,445.86.