Stocks Pause Near Record Highs

Stocks are retreating slightly this morning today after another record close on Friday.

S&P 500 futures are down about one-tenth of a percent, tracking moves of a similar magnitude in Europe. Asia was mixed in the overnight session, with Shanghai up 1 percent but Japan’s Nikkei down 1.4 percent as the yen rallied.

The S&P 500 has closed above 1700 for the last two sessions, supported by a stream of positive economic data and corporate earnings last week. While most employment numbers beat expectations, the biggest standouts were strong factory reports in the United States, Europe, and China. Companies exposed to consumer spending, especially those selling big-ticket items like cars, remain upbeat. Indications also point to further gains in housing.

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