NEW YORK (TheStreet) --The Dow Jones Industrial Average and S&P 500 snapped their five-day streak of record closing highs, though markets started a new trend in their second day of teeny, tiny moves. After weeks of clear upside pull, the markets seem stuck in neutral. Between Veterans Day and the tail-end of earnings season, it's been a quiet week so far with little in the way of market-moving news.
"The market is in pause mode as it digests recent gains and awaits some greater clarity on likely consumer spending as we ramp up to the holiday season," said Terry Sandven, senior equity strategist at U.S. Bank Wealth Management, in a phone call. "Toward year-end, we continue to believe that this is a 'buy the dips, grind higher' market."
The S&P 500 fell 0.07% on Wednesday, the Dow edged 0.02% lower, and the Nasdaq added 0.32%.
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Markets had been drifting higher, and smashing records, since mid-October on the back of mostly positive earnings, better-than-expected U.S. jobs data, mid-term elections and signs the country would be resilient in the face of a global slowdown. But now it appears markets have run out of juice.
"The equity markets are currently running on 'fumes,'" Raymond James' Jeffrey Saut wrote in a note. "This is based on a number of proprietary indicators including our measurements of the stock market's current 'internal energy,' which ... is totally used up."
Oil prices were falling on fears global supply is outpacing demand, even after OPEC reported its largest monthly decrease in production since March. West Texas Intermediate crude fell 1.4% to $76.85 a barrel.