Stocks close choppy session lower

By msnbc.com news services

Wall Street closed a choppy session lower Tuesday, while a number of large-cap stocks hit new highs as portfolio managers grabbed top performers as the end of the quarter approached.

With the quarter ending Friday, portfolio managers adjusted holdings by buying some of the best performers to dress up their portfolio. About 80 percent of stocks across all sectors of the S&P 500, especially high-end retailers and technology, are above their six-month moving average.

Apple Inc hit another all-time best of $614.91, boosting its market capitalization to $572 billion. There have been only a handful of instances where a U.S. company sported a higher market cap than Apple.

Also hitting 52-week highs, Walt Disney Co climbed to $44.50 and Home Depot Inc reached $50.34.

Still, the overall market showed signs of fatigue. On Monday, major stock indexes rallied more than 1 percent after Federal Reserve Chairman Ben Bernanke signaled that supportive monetary policy will remain in place.

The S&P 500 has jumped 12.6 percent this year and some investors believe further gains will be more difficult. The nearly 6-month rally, without a major correction, has come partly after accommodative measures by central banks around the world.

In the latest economic report, U.S. consumer confidence dipped in March, while Americans ratcheted up inflation expectations to the highest level in 10 months.

Separately, U.S. single-family home prices were unchanged in January, according to the S&P/Case-Shiller index, suggesting a battered housing market continued to crawl along the bottom. Equities barely budged after either report.

Homebuilder Lennar Corp reported a sharp rise in first-quarter orders and said it saw strong signs of improvement in sales activity.

Reuters contributed to this report.

Source: http://bottomline.msnbc.msn.com/_news/2012/03/27/10890213-stocks-close-choppy-session-lower

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