Category: Markets / Finance / February 13, 2013 5:15 PM EST
U.S. stocks drifted in light volume on Wednesday (February 13), ending little changed, as investors remained cautious after the S&P 500 index briefly hit its highest intraday level since November 2007.
The S&P 500 was buoyed by General Electric after cable company Comcast Corp said it will buy from GE the the part of NBCUniversal it didn't already own for $16.7 billion (USD). Comcast's stock hit the highest since 1999 before closing up 3 percent at $40.13 and GE gained 3.6 percent to $23.39.
The S&P 500 is up 6.6 percent so far this year, partly due to stronger-than-expected corporate earnings and a better economic outlook. The Dow industrials is about one percent away from an all-time intraday high, reached in October 2007.
Volume has been weak in recent days with the S&P moving sideways around 1,520. The index is about three percent away from closing at a record high.
The Dow Jones industrial average fell 35.79 points or 0.26 percent, to 13,982.91, the S&P 500 gained 0.9 point or 0.06 percent, to 1,520.33 and the Nasdaq Composite added 10.38 points or 0.33 percent, to 3,196.88.
The S&P gained 12 percent in the first three months of 2012.
Deere & Co, the world's largest farm equipment maker, forecast a modest increase in sales this year despite the prospect of the biggest corn crop in U.S. history. The forecast fell short of analysts' expectations, sending shares of Deere down 3.5 percent to $90.68.
In extended trading, shares of technology bellwether Cisco Systems fell 2 percent after it posted results.
Dr Pepper Snapple fell 5.8 percent to $42.69 after it forecast profit for the current year below analysts' estimates.
(Video Source: Reuters)