Stock Market Update

[BRIEFING.COM] The major indices have started today's session on a mixed note with conviction lacking among buyers and sellers. The lackluster action follows yesterday's move to new record highs by the Dow Jones Industrial Average and S&P 500, which amounted to gains of 4.9% and 6.2%, respectively, off their September 6 lows.

That is a span of 13 trading sessions, so there is a nagging sense that the market could be due for a consolidation period. Still, there remains a healthy dose of respect for the possibility that the indices will continue to squeeze higher with multiple expansion that is inspired by major central banks shifting toward an accommodative policy setting.

Five S&P 500 sectors are lower with losses ranging from 0.1% to 0.8%; six sectors are higher with gains ranging from 0.1% to 0.3%.

Just in, August new home sales declined 4.7% month-over-month to a seasonally adjusted annual rate of 716,000 (Briefing.com consensus 695,000) from an upwardly revised 751,000 (from 739,000) in July.