By Chuck Mikolajczak
4:42 PM EDT, September 19, 2014
NEW YORK (Reuters) - U.S. stocks closed little changed on Friday after Alibaba's strong debut was offset by falling technology shares as Oracle and Yahoo stumbled, but the Dow managed to edge higher to set a record for a second straight session.
"Alibaba was awesome. The Alibaba deal was done correctly, which is, you leave something on the table for investors to enjoy," said Phil Orlando, chief equity market strategist at Federated Investors in New York.
"So the market got to focus on Alibaba, which was a positive."
But technology shares weighed on the S&P 500 with Oracle
Oracle shares lost 4.2 percent to $39.80 as the biggest drag on the S&P 500 while the S&P technology index <.SPLRCT> was the worst performing of the 10 major S&P sectors.
The Dow Jones industrial average <.DJI> gained 13.75 points, or 0.08 percent, to 17,279.74, the S&P 500 <.SPX> lost 0.96 points, or 0.05 percent, to 2,010.40, and the Nasdaq Composite <.IXIC> dropped 13.64 points, or 0.3 percent, to 4,579.79.
Volume was heavy, with about 8.68 billion shares traded on U.S. exchanges, well above the 5.71 billion average so far this month, according to data from BATS Global Markets. Aside from Alibaba, volume also received a boost from "quadruple witching," the expiration of futures and options for indexes and stocks.
Among the most active stocks on the NYSE were Alibaba, Coca-Cola Co
On the Nasdaq, Yahoo, Microsoft
Declining issues outnumbered advancing ones on the NYSE by 1,824 to 1,180, for a 1.55-to-1 ratio on the downside; on the Nasdaq, 1,796 issues fell and 951 advanced for a 1.89-to-1 ratio favoring decliners.
The benchmark S&P 500 index posted 75 new 52-week highs and 9 new lows; the Nasdaq Composite had 88 new highs and 117 new lows.
(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
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