* S&P 500, Nasdaq to add to string of quarterly gains
* BNY Mellon stock rises after Trian discloses stake
* MannKind rallies on FDA's approval of inhaled insulin
* Dow down 0.1 pct; S&P 500 up 0.1 pct; Nasdaq up 0.4 pct
(Updates to early afternoon)
By Angela Moon
NEW YORK, June 30 U.S. stocks barely moved on
Monday after a set of mixed economic data, but the S&P 500 and
Nasdaq Composite indexes were set to close a sixth straight
quarter of gains - a streak not seen in more than 14 years.
Following the S&P 500's 30 percent gain last year, many
investors had expected a halt to an equity bull market that is
now in its fifth year.
Utilities represented the S&P 500's best-performing sector
in the second quarter of the year, while the retail sector was
among the weakest.
The S&P 500 has scored 22 record closing highs so far this
year, which has increased concerns among some investors that the
market might be due for a technical pullback. Yet the CBOE
Volatility Index, Wall Street's fear gauge, has held near
A recent Reuters poll showed market participants expect the
benchmark S&P 500 to hit 2,000 for the first time before the
year ends. That milestone would mark a gain of about 8.2 percent
The Dow Jones industrial average fell 16.05 points or
0.10 percent, to 16,835.79. The S&P 500 gained 1.15
points or 0.06 percent, to 1,962.11. Te Nasdaq Composite
added 15.24 points or 0.35 percent, to 4,413.17.
"We still think a move into the 1,980-2,000 level is
possible, but it will not be a huge surprise if 1,950 is
revisited multiple times as we move through the summer months,"
said Todd Salamone, senior vice president of research at
Schaeffer's Investment Research in Cincinnati.
On Monday, the market barely reacted after data showed the
pace of business activity in June in the U.S. Midwest dipped
more than expected from a seven-month high, and contracts to buy
previously owned U.S. homes hit an eight-month high in May.
With an abbreviated week due to the U.S. Independence Day
holiday on Friday and a ream of data due Wednesday and Thursday,
there may be increased volatility in a market that, some traders
say, has been frustratingly placid.
Barring a market slide on Monday, the S&P 500 and Nasdaq
will close up for a sixth straight quarter. That is the longest
streak of quarterly advances for the Nasdaq since 2000, while
for the S&P 500, it is the best run of quarterly gains since
1998. The Dow is on track for its fifth positive quarter of the
Bank of New York Mellon shares rose 2.1 percent to
$36.98 after Trian Fund Management disclosed in an amended
filing a stake of more than 9 million shares of the bank.
Shares of MannKind Corp surged 11.2 percent to
$11.12 following the U.S. Food and Drug Administration's
approval on Friday of Afrezza, the company's inhaled insulin.
The FDA said the inhaled insulin, delivered via a whistle-sized
inhaler, offered a new treatment option for patients with
Investors kept watch on news from the Middle East as Iraqi
troops battled for Tikrit after the leader of an al Qaeda
splinter group was declared caliph of a new Islamic state in
lands seized this month across a swath of Iraq and Syria.
(Reporting by Angela Moon; Editing by Jan Paschal)