Stocks drifted through an uneventful session Tuesday after a new economic report didn’t provide a compelling reason for investors to buy.
The market treaded water most of the day despite a positive start. The early strength, which pushed market indicators solidly higher in the opening hour of the session, reflected hopes that economic growth has slowed to a non-inflationary rate.
But the buying eased by midmorning and the market meandered through the rest of the session. The Dow Jones industrial average rose 4.04 to 3,958.25.
One highlight of the otherwise dull day on Wall Street was the performance of Standard & Poor’s 500 stock index. It notched a new closing high of 482.55, inching up 0.90. Its previous record of 482.00 had stood since Feb. 2, 1994.
Declining stocks held an edge over advances on the New York Stock Exchange where a closing count showed 1,056 stocks up, 1,127 down and 761 unchanged.
Volume on the Big Board’s floor came to 300.71 million shares as of 4 p.m. eastern time, up from 255.13 million Monday.
Some of the stocks that moved substantially or traded heavily Tuesday:
American Express, up 1 3/8 to 33 1/2.
The stock rose following the disclosure that famed investor Warren Buffett and his affiliates have increased their stake in American Express to 9.8 percent. The purchases, revealed in a filing with the Securities and Exchange Commission, were said to be for investment purposes.
PepsiCo, up 1 3/8 to 38 5/8.
The beverage and food company might sell more of its companyowned restaurants to franchisees, Pepsi’s Chief Executive Wayne Calloway reportedly told investors.
Micron Technolgy, up 2 1/8 to 55 in heavy NYSE volume of more than 3.2 million shares
The semiconductor maker said it has narrowed its search for a site to build a $1.3 billion plant to three communities.
Intel, up 1 3/8 to 78 1/2.
The stock’s investment rating was raised to “buy” from “add” reflecting strong demand for its computer chip products and unexpectedly good gross margin trends, according to S.G. Warburg Research.
Hasbro, up 7/8 to 32 1/2.
The toy maker’s stock was in the spotlight as the industry generated publicity with its annual Toy Fair.