The Dow industrials advanced for an eighth consecutive session on Thursday, lifted by a rise in Boeing's stock, while a mixed group of economic figures kept the broader S&P 500 in check.
The Dow's gains came even though more stocks declined than advanced on the broad New York Stock Exchange and on a lower volume day in terms of trading, one day before the expiration of quarterly futures and options.
The volume is low again, the market hangs in there, (there's) no volatility, said Todd Leone, head of listed trading at Cowen & Co. in New York
The market just can't get going (in either direction) and so we just slowly move up.
Economic data was mildly supportive. The Philadelphia Federal Reserve Bank's index showed factory activity expanded more than expected in March, although new orders fell.
Earlier, the Labor Department said consumer prices were flat in February, reinforcing the Federal Reserve's commitment to keep its benchmark interest rate low for a while. A separate report showed a dip in new claims for jobless benefits in the latest week.
The Dow Jones industrial average <.DJI> gained 45.50 points, or 0.42 percent, to end at 10,779.17. The Standard & Poor's 500 Index <.SPX> dipped 0.38 point, or 0.03 percent, to 1,165.83. The Nasdaq Composite Index <.IXIC> gained 2.19 points, or 0.09 percent, to close at 2,391.28.
The Dow's eight-session winning streak is the longest since an eight-day string of gains that ended August 27, 2009.
United Parcel Service Inc
Oil service companies' shares dropped after UBS cut its price target on 11 drillers and oil service companies while also removing its short-term buy rating on Nabors Industries Ltd
Nabors shares lost 4.8 percent to $20.63 and Helmerich slid 5.3 percent to $38.88. The PHLX Oil Service Sector index <.OSX> dropped 2.8 percent.
Both Nike Inc
But Intel Corp
The PHLX Semiconductor index <.SOXX> shed 0.7 percent.
Health insurers' shares gained as the U.S. House of Representatives appear to be on track to vote on the healthcare reform bill on Sunday, offering the prospect of removing some uncertainty for investors.
The Morgan Stanley Healthcare Payor Index <.HMO> rose 3.1 percent.
Volume has been thin ahead of key options expirations on Thursday and Friday, when four different types of options and futures contracts expire in a convergence known as quadruple witching.
About 7.66 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's estimated daily average of 9.65 billion.
Declining stocks outnumbered advancing ones on the NYSE by a ratio of about 3 to 2. On the Nasdaq, about 15 stocks fell for every 11 that rose.
(Reporting by Chuck Mikolajczak; Additional reporting by Angela Moon; Editing by Jan Paschal )