* S&P 500 coming off first close above 2,000
* Upswing seen as intact but volume light
* Tiffany rises after results, Chico's lower
* Dow, S&P and Nasdaq all move less than 0.1 pct
(Updates to afternoon trading)
By Ryan Vlastelica
NEW YORK, Aug 27 U.S. stocks remained flat near
record levels on Wednesday and while overall trading was thin, a
number of retail stocks attracted outsized action after
Both Tiffany & Co and Express Inc rose
after posting second-quarter revenue that topped expectations
and raising their full-year profit views. Shares of Tiffany rose
1.3 percent to $102.08 while Express jumped 12 percent to $16.38
on volume that easily eclipsed its 50-day average.
On the downside, Chico's FAS Inc fell
3.2 percent to $15.51 after its results.
Best Buy Co Inc was the S&P 500's biggest percentage
gainer, up 5 percent at $31.28, rebounding from a drop of 6.8
percent on Tuesday. That weakness came after the electronics
retailer forecast a drop in full-year sales.
The trading range for major indexes was among the narrowest
of the year. Volume was depressed by the upcoming Labor Day
holiday in the United States, with some market participants away
"Volume is ridiculously slow, some of the slowest it has
been in years, but sometimes you can make more money sitting on
your hands," said Michael Matousek, head trader at U.S. Global
Investors Inc in San Antonio. "There aren't many reasons to sell
right now, and no one is trying to force any trades."
The Dow Jones industrial average rose 13.75 points or
0.08 percent, to 17,120.45, the S&P 500 gained 0.43 of a
point or 0.02 percent, to 2,000.45 and the Nasdaq Composite
added 0.87 points or 0.02 percent, to 4,571.50.
A mere 4.54 points separated the S&P 500's high and low on
Wednesday, making for the narrowest one-day trading range since
Equities have been strong of late, with the S&P 500 closing
above 2,000 for the first time on Tuesday in its 30th record
close of the year, according to S&P Dow Jones Indices. The Dow
also hit an intraday record high on Tuesday, though it failed to
end at an all-time closing high.
Analog Devices Inc was one of the S&P 500's biggest
decliners, off 3.2 percent at $50.56 a day after reporting
Digital Ally Inc fell 13 percent to $12.46 on heavy
volume, pulling back after a massive rally that had driven the
stock's price up 223 percent in August alone. The wearable
camera maker has reported heightened demand since Aug. 9, when a
white police officer shot and killed an unarmed black teen in
Ferguson, Missouri, triggering weeks of protests.
The tension between Russia and Ukraine has faded as a market
driver, though investors continue to closely monitor the
situation. In comments that could escalate the standoff,
however, Ukrainian Prime Minister Arseny Yatseniuk said Kiev
knew of plans by Russia to halt gas flows this winter to Europe,
something Russia later denied.
(Editing by Jan Paschal)