S&P 500 touches highest level since May 2008

NEW YORK (AP) — The Standard & Poor's 500 index touched its highest point in more than four years today, but an early rally faded on Wall Street, and stocks were flat by early afternoon.

The S&P was up two points at 1,420 just after noon EDT, with financial stocks rising the most. Earlier in the day, the S&P rose as high as 1,426, its highest level since May 19, 2008.

The Dow Jones industrial average was down five points at 13,266, and the Nasdaq composite index was unchanged at 3,076.

Sean Clark, chief investment officer at Clark Capital Management Group, an investment advisory firm, said there was not a lot of news driving the market. Trading volume has been light with much of Wall Street on vacation.

Clark said that part of the explanation for the stock market's steady climb this month is that some money managers are afraid of missing a good thing.

"A lot of fund managers have underperformed this year, and I think they're feeling pressure," he said. "There may have been some panic buying over the last couple of weeks."