Nasdaq sets another record; energy stocks hold back S&P

Associated Press

NEW YORK

The Nasdaq composite index ticked higher to another record Tuesday, but a drop by energy stocks held other indexes back.

It was the third-straight day that the Nasdaq notched an all-time high, but each of those has been by only a marginal amount.

Stocks have been stuck in a largely listless trading pattern in recent weeks, as investors see few reasons to make big moves in either direction.

The Standard & Poor’s 500 index bobbed around its own record through the day, before losing momentum in the last half hour.

Markets have been placid the last two weeks, and the biggest one-day move for the S&P 500 during that span has been 0.6 percent, as investors keep crossing off reasons to fear.

Last week’s solid jobs report gave reassurance that the U.S. economy is improving despite a weak showing at the start of the year.

Companies have been turning in a series of stronger-than-expected profit reports, which has tempered concerns that stocks have grown too expensive relative to earnings.

And the recent presidential election in France raised confidence that voters may be turning their back on a nationalistic brand of politics that could hurt global trade.

“This is almost like the post-celebration letdown,” said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management.

It could stay that way for a few days, unless something unexpected happens to knock the market out of its lazy drift, with few events on the calendar with market-moving potential.

The day’s biggest excitement involved energy stocks, which deepened their losses for the year.