The S&P 500 eked out a gain, extending its winning streak into a seventh session. Fred Katayama reports.
Investors took a breather ahead of the holiday weekend. Stocks finished flat. But the S&P 500 eked out a gain, extending its winning streak into a seventh day. Consumer stocks led the way on positive earnings from retailers. For the week, the major indexes all gained ground. Convergex chief market strategist Nick Colas. SOUNDBITE: NICHOLAS COLAS, CHIEF MARKET STRATEGIST, CONVERGEX, (ENGLISH) SAYING: "Well, we know we have a very low volume day obviously ahead of the three day weekend. And that always makes stocks churn around, and as you've said, we've had a bit of a winning streak going so it's natural to expect modest pullback. But I wouldn't expect a lot more than what we see right now." Earlier in the day, the Commerce Department reported that the U.S. economy grew faster than initially estimated. Gross domestic product expanded at a 1.2 percent pace in the first quarter. Costco Wholelsale and Ulta Beauty among the day's biggest winners on the S&P. The warehouse club operator's quarterly comparable sales rose and beat analysts' estimates. Ulta Beauty's same-store sales rose more than 14 percent. GameStop was a laggard. Shares falling nearly 6 percent. The videogame retailer left its full-year earnings forecast unchanged. European shares fell, dragged down by energy and bank stocks. But the FTSE 100 closed higher.