* S&P 500 edges up to close at new record
* Tiffany rises after results, Chico's falls
* Dow up 0.09 pct, S&P up 0.01 pct, Nasdaq off 0.02 pct
(Updates to close, adds quote)
By Chuck Mikolajczak
NEW YORK, Aug 27 U.S. stocks were little changed
on Wednesday, with the S&P 500 creeping up to another record
closing high in a lethargic session, though a number of retail
stocks traded heavily after reporting results.
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 percent to $101.75 while Express
jumped 12.7 percent to $16.45 on volume that easily eclipsed its
Best Buy Co Inc was the S&P 500's biggest percentage
gainer, up 6.3 percent at $31.69. The electronics retailer
rebounded from a 6.8 percent plunge 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 4.6 percent to $15.29 after its results.
The retailers "are always late in the earnings season
announcements, so there has been a lot of volatility due to
earnings at a time of low volume," said Robert Eschweiler,
global investment specialist at JPMorgan Private Bank in
"In a lot of cases there has been a lot of short activity,
so you get big moves in either direction," he said.
Volume was depressed with some market participants on
vacation ahead of the Labor Day long holiday weekend in the
The Dow Jones industrial average rose 15.31 points,
or 0.09 percent, to 17,122.01. The S&P 500 gained 0.1
point, or 0.01 percent, to 2,000.12, and the Nasdaq Composite
dropped 1.02 points, or 0.02 percent, to 4,569.62.
The S&P was slightly below the 2,000 mark as the closing
bell rang, but it crept marginally higher to set a record close
as trading settled, its 31st record close of the year.
Analog Devices Inc was one of the S&P 500's biggest
decliners, off 2.3 percent at $51.03 a day after reporting
Even so, the Nasdaq 100 notched its 11th straight
advance, its longest winning streak in about 14 months.
Digital Ally Inc slumped 19.5 percent to $11.49 on
heavy volume, pulling back after a massive rally that had driven
the stock's price up more than 200 percent in August. 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.
Volume was thin, with about 4.05 billion shares traded on
U.S. exchanges, well below the 5.39 billion average so far this
month, according to data from BATS Global Markets.
Advancing stocks outnumbered declining ones on the NYSE by
1,705 to 1,305, while on the Nasdaq, decliners beat advancers
1,492 to 1,179.
(Reporting by Chuck Mikolajczak; Editing by Leslie Adler)