Stocks Sputter After S&P Hits New High

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

U.S. equity markets zigzagged on Tuesday after the broad S&P 500 topped the 1900 mark for the first time ever.

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As of 3:30 p.m. ET, the Dow Jones Industrial Average climbed 17.5 points, or 0.1%, to 16713, the S&P 500 advanced 0.51 point, or 0.03%, to 1898 and the Nasdaq Composite fell 10.9 points, or 0.26%, to 4133.

Monday was a record-setting day for Wall Street, with the broad S&P 500 closing at an all-time high for the ninth time this year. Those gains were extended on Tuesday,with the S&P hitting 1900 for the first time ever. The move means U.S. markets have, at least for the moment, put early-year doldrums in the rear-view mirror.

Still, the upbeat sentiment faded somewhat as U.S. economic data disappointed.

The Commerce Department said retail sales rose 0.1% in April, missing Wall Street expectations sales would rise 0.4%. Excluding the auto segment, sales were unchanged, while the Street anticipated a 0.6% pick up.

Still, Dan Greenhaus, chief global strategist at BTIG, said the numbers aren't as bad as they seem.

"While the headline retail sales report is much weaker than expected, revisions to the prior month should considerably more strength than originally reported," he said in an email to clients.

"Taken together, the two months are modestly weaker than expected but certainly less weak than April looks by itself."

Another report from Commerce showed import prices fell 0.4% in April, the first decline since November 2013. Wall Street expected prices to climb 0.3%. Export prices, meanwhile saw a 1% decline, the largest drop since June 2012, while the Street was looking for a 0.3% increase.

Elsewhere, the takeover battle between Pfizer (NYSE:PFE) and AstraZeneca (NYSE:AZN) continues amid news reports Pfizer plans on upping its price above the $106 billion it already offered. Coca-Cola (NYSE:KO) increased its stake in Keurig Green Mountain (NASDAQ:GMCR) to 16% from 10%.

U.S. crude oil futures rose 66 cents, or 0.66%, to $101.25 a barrel. Wholesale New York Harbor gasoline gained 0.47% to $2.928 a gallon. Gold fell $4.10, or 0.32%, to $1,292 a troy ounce.

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