Stocks finished narrowly mixed Monday as trading was largely muted with no major economic news on tap and as investors hesitated to jump in after the recent rally, but the S&P 500 rose to touch a fresh all-time high.
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"Our next near term target for the S&P is in the 1640 to 1650 area. However, you could just as easily get a pullback to test the 1,600-1,597 level in the short-term," wrote Elliot Spar, market strategist at Stifel Nicolaus. "Those of you looking for 1,700 S&P by year-end should remember that from here it is only 5 percent. Thus, stock selection will be of the utmost importance if you want to outperform if we get the next 5 percent up in the S&P."