Disney and Apple hold Nasdaq up
San Francisco, CA -- (SBWIRE) -- 02/11/2013 -- United States stocks on Wall Street were flat as a rally simply could not keep its momentum.
The U.S. Stocks saw little change in the late morning of trading on Wednesday as the investors await fresh trading incentives after the rallies took the S&P 400 to highs not seen for a half-decade.
Despite the recent highs, transportation stocks were amongst the worst performers, and were encumbered with a 10% drop in the CH Robinson Worldwide dip that fell to $60.49 following a fourth-quarter earnings.
The Dow Jones Transportation index noted a 0.5% closing after a record high on Tuesday for a gain of above 10% in 2013.
There was a 6% advance in the new year so far, which has lifted the benchmark S&P 500 index to its highest points since December of 2007. Meanwhile the Dow was able to climb above 14,000.
"Overall, we believe that the next near-term market dip should provide an opportunity to buy stocks ahead of rallies higher in the coming months, but we are skeptical about the long-term sustainability of these gains due to the maturing age of the bull market," said Ari Wald, equity research analyst at C&Co\PrinceRidge in New York.
Apple Inc. rose 1.2% to $463, which supported the Nasdaq's effort to stay above water on the day. Walt Disney Corporation was one of the bright spots saw well, with a 0.9% finish, pushing it to $54.77. The bolstering was fueled by the company beating estimates for the quarterly adjusted earnings, which gave investors something to be optimistic about.
The S&P index rose 1.04% to its largest percent gain since January 2, when the fiscal cliff was avoided by legislators. Ralph Lauren Corp rose 7.1% to $176.57.
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