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Wall St. pauses after two-day run

Thursday, May 26, 2016 - 01:06

Wall Street held steady on Thursday after a couple of days of solid gains. Bobbi Rebell reports.

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U.S. stocks meandered in directionless trading as oil couldn't manage to keep above the key psychological $50 a barrel level. Stocks breaking a two-day win streak. Envestnet's Jay Hummel: (SOUNDBITE) JAY HUMMEL, MANAGING DIRECTOR, ENVESTNET, (ENGLISH) SAYING: "It's a natural pull back after two great days. I also think people are on wait for the Fed." Dollar stores among the day's top gainers on the S&P 500. Customers spent more money at Dollar General and Dollar Tree, driving quarterly sales and profit higher. Another apparel retailer hurt hard by fast-fashion rivals. Abercrombie & Fitch's sales fell for the 13th straight quarter. Shares plummeted. US Foods' shares shot higher on their debut. The U.S.' second largest food distributor raised $1 billion in a slow year for IPOs. Investors got mostly strong economic data Thursday. Pending home sales rose to a ten-year high last month, and the number of Americans seeking jobless benefits fell more than expected last week. But orders for durable goods fell in April. In Europe, telecom and consumer cyclical stocks helped the markets score mild gains.

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Wall St. pauses after two-day run

Thursday, May 26, 2016 - 01:06