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Stock Market Takes Breather One Day After Hitting Record Highs

 / Updated  / Source: CNBC.com

Chasing Nasdaq 5,000

Aug.27.201402:26

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Stocks were little changed on Wednesday, as Wall Street caught its breath a day after the Dow hit an all-time high and the S&P 500 closed above 2,000 for the first time.The Dow Jones Industrial Average closed unofficially 15 points higher, the S&P 500, which closed at a record high above 2,000 on Tuesday, rose marginally and the Nasdaq lost 1 point."These record highs you're seeing are backed by good earnings, and not from companies cutting costs, but true earnings from sales and operations. A lot of companies have healthy balance sheets and are looking to expand, so this (bull market) is not a flash in the pan, we think we'll see 10 to 11 percent overall S&P growth this year," said Frank Fantozzi, president and CEO of Planned Financial Services in Cleveland.

Chasing Nasdaq 5,000

Aug.27.201402:26

IN DEPTH

- Kate Gibson, CNBC.com

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