U.S. stocks ended little moved on Wednesday as Wall Street caught its breath, with the S&P 500 closing at a record just above 2,000 for a second consecutive session.
“These record highs you’re seeing are backed by good earnings, and not from companies cutting costs, but true earnings from sales and operations. A lot of companies have healthy balance sheets and are looking to expand, so this (bull market) is not a flash in the pan, we think we’ll see 10 to 11 percent overall S&P growth this year,” said Frank Fantozzi, president and CEO of Planned Financial Services in Cleveland, Ohio. “Overall, people should enjoy what is happening,” Fantozzi added.
Tiffany gained after the luxury-goods seller hiked its 2014 outlook. Smith & Wesson declined after the gun manufacturer trimmed its full-year profit forecast. Apple gained after Bloomberg News cited people familiar with the matter in reporting the company’s suppliers readying to make its biggest-yet iPad.
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