US stocks hover near highs as price data awaited

As for the outlook for the S & P 500, most market watchers are optimistic. In a note, Ryan Grabinski and Jonathan Byrne at Strategas Securities said while they wouldn't be surprised if equity markets pulled back near term, "history would suggest that it's too soon to fade equities". The strategists said the fact that Tech and Comm are beginning to lag is making some nervous, but under the surface it looks like a rotation is occurring. "That is by no means a negative sign." James Reilly, a market economist at Capital Economics, said while "the bulk of the gains…