S&P 500 Edges Up To 10-month High Close; Nasdaq Slips

The S&P 500 extended gains to finish at a 10-month high close on Tuesday as various technical indicators suggested more upside potential for the large-cap index. "Short-term momentum remains positive and the market has not reacted to signs of exhaustion," said Katie Stockton, chief technical strategist at BTIG. The S&P 500 rose 3 points, or 0.1%, to 2,112, the highest close since July 22. The Dow Jones Industrial Average added 18 points, or 0.1%, to end at 17,938 while the Nasdaq slipped 7 points, or 0.1%, to close at 4,961. Stephen Suttmeier, chief equity technical strategist at Bank of America Merrill Lynch, noted that stocks remain resilient despite uncertainty over the timing of the Federal Reserve interest-rate hike and predicted that the S&P 500 could hit record territory if it continues to close above the 2,085-2,110 range for a sustained period.

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