* S&P 500 coming off first close above 2,000
* Tiffany rises after results, Chico's lower
* Dow, S&P and Nasdaq all move less than 0.1 pct
(Updates to mid-afternoon, changes byline)
By Chuck Mikolajczak
NEW YORK, Aug 27 U.S. stocks were little changed
on Wednesday, holding near record highs on a day of light
volume, though a number of retail stocks traded heavily after
Both Tiffany & Co and apparel retailer Express Inc
rose after posting quarterly revenue that topped
expectations and raising their full-year profit views.
Shares of Tiffany rose 1.1 percent to $101.89 while Express
jumped 13.6 percent to $16.57 on volume that easily eclipsed its
Best Buy Co Inc was the S&P 500's biggest percentage
gainer, up 5.5 percent at $31.44. The electronics retailer
rebounded from a drop of 6.8 percent on Tuesday after it
forecast a drop in full-year sales.
The S&P retail index edged up 0.1 percent. After a
sluggish start to the year, the index is up 8.4 percent for
August, on pace for its best month since October 2011.
On the downside, apparel retailer Chico's FAS Inc
fell 3.8 percent to $15.41 after its results.
"There have been pros and cons," said Joe Saluzzi,
co-manager of trading at Themis Trading in Chatham, New Jersey.
"It's time to play catch-up now, if there really is a
recovery that is a strong as it is supposed to be then you would
expect these retailers to be doing well, and if you are seeing
signs of it then that would make sense."
The trading range for major indexes was among the narrowest
of the year. Volume was depressed with some market participants
on vacation ahead of the Labor Day long weekend holiday in the
"It's August and all that, but I haven't seen this kind of
low volume in a while," said Saluzzi.
The Dow Jones industrial average rose 14.21 points,
or 0.08 percent, to 17,120.91, the S&P 500 lost 0.06
point to 1,999.96, and the Nasdaq Composite added 1.25
points, or 0.03 percent, to 4,571.88.
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, marking its 30th
record close of the year, according to S&P Dow Jones Indices.
The Dow also made an intraday record high on Tuesday, but was
unable to close at a record.
Analog Devices Inc was one of the S&P 500's biggest
decliners, off 2.7 percent at $50.78 a day after reporting
Even so, the Nasdaq 100 is on track for its 11th
straight advance, its longest winning streak in about 14 months.
Digital Ally Inc fell 14.4 percent to $12.23 on
heavy volume, pulling back after a massive rally that had driven
the stock's price up more than 200 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.
(Reporting by Chuck Mikolajczak; Editing by Leslie Adler)