Major U.S. stock indexes edged higher in morning trading Wednesday, drifting slightly from the record highs the day before. Trading was light ahead of the Labor Day holiday weekend as investors sifted through company earnings and deal news.
KEEPING SCORE: The S&P 500 rose a point to 2,000 as of 11:15 a.m. Eastern. The Dow Jones industrial average added 16 points, or 0.1 percent, to 17,122. The Nasdaq composite gained one point, or 0.03 percent, to 4,572.
THE QUOTE: Lawrence Creatura, portfolio manager at Federated Investors, said trading volumes were "extraordinarily light," as many people in the financial sector traditionally take time off the last week of August.
"Highs made on lower volumes should be viewed suspiciously," he said. "It will be important that next week, when everyone has returned to their desks, that these levels are maintained and confirmed."
SECTOR VIEW: Six of the 10 sectors in the S&P 500 index rose, led by telecommunications stocks. Analog Devices declined most among companies in the S&P 500. The company, which reported third-quarter earnings on Tuesday, fell $1.88, or 3.6 percent, to $50.33.
LACKLUSTER FORECAST: The Congressional Budget Office said Wednesday it predicts the U.S. economy will grow by just 1.5 percent this year. The forecast reflects the severe winter weather that hurt growth in the first-quarter.
ELEGANT RESULTS: Tiffany rose $1.88, or 1.9 percent, to $102.65 in morning trading. The jewelry company's latest quarterly earnings beat Wall Street's forecasts.
EARNINGS BEAT: Express reported lower income and sales in its fiscal second quarter, but the clothing retailer's results trumped financial analysts' expectations. Its shares surged $1.73, or 11.8 percent, to $16.32.
OVERSEAS ACTION: In Europe, stocks and bonds have been rising since last week on hopes of more central bank stimulus, but that rally lost steam Wednesday. Germany's DAX slipped 0.2 percent and France's CAC-40 was little changed. Britain's FTSE 100 gained 0.7 percent. In Asia, Japan's Nikkei 225 closed 0.1 percent higher, while Hong Kong's Hang Seng fell 0.6 percent. South Korea's Kospi added 0.3 percent and Australia's S&P/ASX 200 rose 0.2 percent.
BONDS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent. Benchmark U.S. crude rose 6 cents to $93.92 a barrel in New York. Gold fell $1.60 to $1,283.60 an ounce.
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AP Business Writer Elaine Kurtenbach in Tokyo contributed to this report.
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