S&P, Nasdaq Clinch Sixth Quarterly Gain Though Markets Close Mixed

NEW YORK ( TheStreet) -- The S&P 500 and Nasdaq clinched their sixth consecutive quarterly gain, a feat not seen in more than a decade, even though benchmark U.S. indices closed mixed.

In the second quarter of 2014, the S&P added 4.7%, the Nasdaq climbed 5% and the Dow Jones Industrial Average gained 2.2%.

Pending home sales in May jumped 6.1% to 103.9, an eight-month high and the highest monthly gain since April 2010. The month-on-month jump was also the highest since April 2010, significant given that increase was driven by the looming expiration of tax credits for first-time buyers. Economists had expected a 1.5% rise. However, the measure still remains 5.2% below a May 2013 reading of 109.6.

June 30 Premarket Briefing: 10 Things You Should Know

Stocks End Week Lower on Rate Hike Chatter, Sparse Macro News

European Stocks Are Mixed, Steady Inflation in Eurozone

Major homebuilders rallied in response. D.R. Horton (DHI) closed 3.2% higher to $24.58, while Lennar Corporation (LEN) gained 0.87% to $41.95 and PulteGroup (PHM) added 0.4% to $20.16.

Strength in the housing recovery overshadowed weakness in manufacturing data. The Chicago PMI slipped to 62.6 in June from a seven-month high a month earlier. Still, the measure remains above the 50-level which is indicative of expansion.

"Activity [is] slowing a little between May and June, but it remains at a high level supported by the strength in production and new orders," MNI Indicators' chief economists Philip Uglow wrote in a note.

At market close, the S&P 500 had slipped 0.04% to 1,960.23, the Nasdaq added 0.23% to 4,408.18, and the Dow dropped 0.15% to 16,826.6.

If you liked this article you might like

Forecast for S&P 500, Dow Industrials Remains Bullish, These Charts Show

Dow 20,000! It Should Mean Nothing to Investors, but Then Again...

Tradebird Investors Are Bullish on U.S. Stocks but Bearish on the Euro

Why Home Depot and Boeing Stock Fell Tuesday