By Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks edged up Friday, staying
on track for weekly gains and lifting the S&P 500 closer to
record levels.
Traders waited for a report later Friday that's expected to show
a rebound in U.S. new-home sales.
The S&P 500(SPX) was last up 2.32 points, or 0.1%, to
1,894.81, putting it on pace for a weekly advance of 0.9%. The
benchmark has moved closer to its May 13 record close around
1,897.
The Dow Jones Industrial Average(DJI) tacked on 35.56 points, or
0.2%, to 16,578.64. The blue-chip index is on track for a weekly
rise of 0.5%.
The Nasdaq Composite(RIXF) gained 2.82 points, or 0.1%, to
4,157.16. The tech-laden index is set for a weekly jump of
1.6%.
At 10 a.m. Eastern, the government will report on sales of new
single-family homes, and economists polled by MarketWatch expect
the annual rate rose to 429,000 in April from 384,000 in March.
Colin Cieszynski, senior analyst at CMC Markets, predicted a
muted end to the week, as investors look ahead to Memorial Day
weekend.
"Stock markets around the world are trading flat to slightly
higher to wrap up the week," he wrote in emailed comments early
Friday.
"It's a long weekend in the US and UK and with news flow
relatively quiet, traders appear to be squaring positions and
heading off in an upbeat mood."
While the S&P 500 is around record levels, Cieszynski on
Friday didn't see the benchmark having the power to make a decisive
move higher. The S&P 500 is "trading near the top of its
1,820-1,900 channel," but it "may not have enough oomph to push
through," he said.
On the earnings front, GameStop Corp.'s(GME) stock was last up
5% after the retailer reported gains in profit and revenue late
Thursday.
Hewlett-Packard Co.(HPQ) jumped 4% after its quarterly report
and announcement of more job cuts.
GameStop and H-P were the two biggest gainers in the S&P
500.
Foot Locker Inc.(FL) was last up 1.5%. It posted
better-than-expected quarterly results late Thursday. (Read more in
Movers & Shakers: GameStop, Foot Locker rise; Aeropostale
slumps
http://www.marketwatch.com/story/gamestop-foot-locker-rise-aeropostale-slumps-2014-05-23.)
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