(Reuters) - The Nasdaq closed at a record high for the second day in a row with help from the technology and consumer discretionary sectors, while the S&P 500 edged higher as investors eyed solid U.S. economic data. However, bank stocks declined along with U.S. Treasury yields, and investors appeared to favor bonds over defensive equity sectors such as utilities and consumer staples. The U.S. services sector activity accelerated in May, pointing to robust economic growth in the second quarter, although trade tariffs and a shortage of workers posed a threat to the outlook. "The economy continues to be a very strong foundation for the stock market. What seems to be concerning markets today is the possibility for a slowdown outside of the United States," said Tracie McMillion, head of global asset allocation strategy for Wells Fargo Investment Institute, in Winston-Salem, North Carolina.

Source: New York Times June 05, 2018 13:47 UTC