WASHINGTON (dpa-AFX) - Stocks showed a lack of direction throughout the trading session on Friday as many traders remained away from their desks following Christmas. The major averages spent the day bouncing back and forth across the unchanged line before closing mixed.
While the Dow and the S&P 500 crept up to new record closing highs, the Nasdaq edged down 15.77 points or 0.2 percent to 9,006.62. The Dow edged up 23.87 points or 0.1 percent to 28,645.26 and the S&P 500 inched up 0.11 points or less than a tenth of a percent to 3,240.02.
For the holiday-interrupted week, the Nasdaq advanced by 0.9 percent, while the Dow and the S&P 500 climbed by 0.7 percent and 0.6 percent, respectively.
Stocks have moved steadily higher throughout much of the past month, rarely showing significant moves to the upside but also refraining from the pullbacks typically seen as traders cash in on recent strength.
The perpetual advance comes as the news the U.S. and China reached an agreement on a phase one trade deal has helped lift some of the uncertainty hanging over the markets.
Buying interest has remained somewhat subdued, however, as the details of the deal are still unknown and the trade dispute between the U.S. and China will persist even after the agreement is signed.
As the same time, the somewhat stifled nature of the rally has made traders reluctant to take profits amid concerns about missing out on any further upside.
Many traders remained away from their desks following the Christmas holiday on Wednesday and the New Year's Day holiday next Wednesday.
A lack of major U.S. economic data also kept traders on the sidelines as they attempt to deduce what is in store for the economy in the New Year.
Most of the major sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets.
Tobacco stocks showed a substantial move to the upside, however, with the NYSE Arca Tobacco Index surging up by 2.1 percent to a four-month closing high.
The strength in the sector came amid news the FDA has officially changed the federal minimum age to purchase tobacco products, including e-cigarettes, from 18 to 21.
On the other hand, energy stocks saw notable weakness on the day, with the NYSE Arca Natural Gas Index and the Philadelphia Oil Service Index falling by 1.6 percent and 1.1 percent, respectively.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index fell by 0.4 percent, while Hong Kong's Hang Seng Index jumped by 1.3 percent.
Meanwhile, the major European markets all ended the day modestly higher. While the German DAX Index rose by 0.3 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index inched up by 0.2 percent and 0.1 percent, respectively.
In the bond market, treasuries moved to the upside after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.1 basis points to 1.874 percent.
Looking Ahead
Trading activity is likely to remain relatively subdued next week, although reports on pending home sales, consumer confidence, and manufacturing activity may attract some attention.
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