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Stocks end little changed, Dow creeps closer to 17,000

  • Stocks traded in a narrow range on the last full day of trading before the July 4 holiday, as the Dow and S&P 500 eked out new record finishes while the Nasdaq slipped to a tiny loss, after a better than expected ADP jobs report and ahead of tomorrow's non-farm payrolls report from the government.
  • The one sector that displayed notable strength was health care, which also led the way yesterday; the countercyclical group added 0.7%, with biotechs underpinning the advance.
  • Participation was well below average, with fewer than 585M shares changing hands at the NYSE.
  • Treasury prices tumbled following the ADP report and continued drifting lower through the day; the 10-year note lost half a point, sending its yield higher by 6 bps to 2.62%.
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