Dow, S&P slip from record highs on year's lowest volume
NEW YORK (REUTERS) - The Dow and the S&P 500 dipped on Monday in the thinnest volume so far this year, following their record closing highs last week as a lack of major news left the market directionless.
Although about 100 companies in the S&P 500 are still scheduled to report earnings, the season is winding down sharply after last week's deluge. The week is also thin in terms of market-moving macroeconomic data.
"It was a pretty quiet day," said Mr Paul Zemsky, head of asset allocation at ING Investment Management in New York. "We're almost done with earnings, and the quarter will remain lackluster. It's hard to disappoint, but earnings are not fantastic."
About 4.6 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, the lowest for a full day of trading so far this year. Daily volume has averaged about 6.4 billion shares this year.