Stocks moved up after a lackluster day's trading on Friday with the Dow squeaking past its record closing high, but the Nasdaq had its worst week in a month as technology shares were hit for a third day.
The Dow Jones Industrial Average closed unofficially 32 points higher at 16,583.34, three points higher than its record close set on April 30 for its second record finish this year. The Dow ended the week 0.2 percent higher.
The S&P 500 rose 2 points and the tech-heavy Nasdaq was 20 points up, but was off 1.3 percent from last Friday's close, its worst week in a month. High-flying tech stocks such as Facebook, Twitter, Netflix and Priceline.com all gained on the day, but remained down on the week.
The small-cap Russell 2000 Index came off lows that had it within a fraction of hitting the more than 10 percent decline from its all-time high of 1,212.82, hit on March 3.
"Every Friday the market has dropped over the last month or two because traders don't want to hold risk with the goings on in Ukraine and all that, so it will be interesting to see if we have a later-day selloff, or maybe there is a little less uncertainty over Ukraine," said Jack Ablin, chief investment officer, at BMO Private Bank.
"The market seems to be in the midst of a consolidation phase; the large-cap indices seem to be correcting, not so much by price but by time. So, the question is, is it just going to be time, or are we entering a phase where we may see some downdraft in equity prices," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
Chip maker Nvidia's outlook for current-quarter revenue met Wall Street expectations, but it failed to inspire investors concerned about a slowing PC industry, and its stock fell over 2 percent.
With the personal computer sector losing steam and the chipmaker's move into mobile facing relentless competition, Nvidia is heavily promoting its graphics technology for a wider range of applications, including cars and data centers.
Apple shares also fell after The Financial Times and others reported the consumer technology company was close to paying $3.2 billion to acquire Beats, a headphone company found by rapper Dr. Dre.
Ralph Lauren fell 2 percent after the clothing retailer reported earnings that beat expectations, but warned its operating margin would drop as it spends money to further build its network of stores.
The dollar rose against the currencies of major U.S. trading partners and the 10-year Treasury yield used in figuring mortgage rates and other consumer loans held steady at 2.622 percent.
First published May 9 2014, 6:48 AM