U.S. stocks fluctuated, after the benchmark Standard & Poor’s 500 Index rose to a record yesterday, as reports showed consumer spending unexpectedly declined last month while confidence slid more than estimated.
“The market is almost trading directionally sideways,” Kevin Mahn, president and chief investment officer of Hennion & Walsh Asset Management in Parsippany, New Jersey, said in a phone interview. His firm oversees more than $600 million. “There is no volatility and investors are waiting for the next signal whether they put more in or take more out.”
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