U.S. stocks closed little changed in light pre-holiday trading, with equities hovering near three-week highs as investors weighed mixed economic data and weakness in commodities.
The Standard & Poor’s 500 Index roamed in a narrow range for a third day, following the index’s strongest week this year. Declines in energy and raw-materials shares were offset as Pfizer Inc. climbed 2.8 percent to lead health-care companies higher. Macy’s Inc. gained 1.9 percent to pace an increase among a group of retailers, which rose for the seventh time in eight days.
The S&P 500 fell less than 0.1 percent to 2,088.92 at 4 p.m. in New York, with the gauge holding in its tightest intraday range in six months. This was the week’s final full trading session as U.S. markets will be closed Thursday in observance of the Thanksgiving Day holiday, and equity markets close at 1 p.m. on Friday.
A report today showed orders for U.S. business equipment climbed more than forecast in October, indicating steady domestic demand is encouraging corporate investment even as global sales waver. Separate data showed household spending rose less than forecast in October, while income gains accelerated.