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US stocks flat after S&P breaks 2,000 milestone

Wall Street shares ended little-changed in light trade on Wednesday (Aug 27), one day after the S&P 500 closed above the 2,000 milestone for the first time.

NEW YORK: Wall Street shares ended little-changed in light trade on Wednesday (Aug 27), one day after the S&P 500 closed above the 2,000 milestone for the first time.

The broad-market benchmark added just enough to set a new high, with support for stocks firm overall amid little hard news to spur any significant movements.

The Dow Jones Industrial Average edged up 15.31 points (0.09 percent) to 17,122.01. The S&P gained 0.10 point, leaving it at 2,000.12, while the tech-rich Nasdaq Composite gave up 1.02 points (0.02 percent) at 4,569.62.

Activity was muted in the last week of summer, with a long holiday weekend looming. On the Dow, UnitedHealth led gainers, adding 1.5 percent, while United Technologies topped the loser column down 0.5 percent.

In tech shares, Apple gained 1.2 percent, Facebook shed 1.8 percent, and Google lost 1.2 percent.

Burger King shares fell 2.1 percent amid criticism that its US$11.4 billion (S$14.2 billion) takeover of Canada's fast-food chain Tim Hortons is in part aimed at cutting its tax bill by moving its headquarters to Canada.

Shares of youth fashion chain Express jumped 12.8 percent as it topped estimates for sales and profit in its second quarter, even as earnings fell 59 percent from the year-ago period.

Hobby and art supply chain Michaels Companies soared 9.3 percent as its first earnings report after going public beat analyst expectations.

Bond prices gained. The yield on the 10-year US Treasury fell to 2.36 percent from 2.39 percent on Tuesday, while the 30-year dropped to 3.11 percent from 3.15 percent. Bond prices and yields move inversely.

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