“Funds are positioned as they would like to be for the end-of-the-year photo,” said Marc Pado, U.S. market strategist at Cantor Fitzgerald, of the light volume and narrow volatility range that have marked recent sessions.
“It would take a major bit of news to derail their plan,” he added.
After closing Tuesday at its highest level since Aug. 28, 2008, the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 11,585, +9.84, +0.09%) ended up 9.84 points, or 0.09%, at 11585.38.
Seventeen of the Dow’s 30 components gained, with fast-food giant McDonald’s Corp. /quotes/comstock/13*!mcd/quotes/nls/mcd (MCD 76.99, +0.56, +0.73%) leading the gainers.
Up for a third straight session and by 13% for the year, the S&P 500 Index /quotes/comstock/21z!i1:in\x (SPX 1,260, +1.27, +0.10%) gained 1.27 points, or 0.1%, to 1,259.78, with energy companies gaining the most and financials ranking as the biggest laggard among the 10 S&P industry groups.
The Nasdaq Composite Index /quotes/comstock/10y!i:comp (COMP 2,667, +4.05, +0.15%) rose 4.05 points, or 0.15%, at 2,666.93.
Advancers outran decliners 19 to 11 on the New York Stock Exchange, where volume hit 520 million shares, just over half of the 30-day average.
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