US STOCKS-Wall Street holds near record highs in light volume

Reuters - UK Focus

* S&P 500 coming off first close above 2,000

* Tiffany rises after results, Chico's lower

* Dow, S&P and Nasdaq all move less than 0.1 pct (Updates to mid-afternoon, changes byline)

By Chuck Mikolajczak

NEW YORK, Aug 27 (Reuters) - U.S. stocks were little changedon Wednesday, holding near record highs on a day of lightvolume, though a number of retail stocks traded heavily afterreporting results.

Both Tiffany & Co and apparel retailer Express Inc (NYSE: EXPR - news) rose after posting quarterly revenue that toppedexpectations and raising their full-year profit views.

Shares (Frankfurt: DI6.F - news) of Tiffany rose 1.1 percent to $101.89 while Expressjumped 13.6 percent to $16.57 on volume that easily eclipsed its50-day average.

Best Buy Co Inc was the S&P 500's biggest percentagegainer, up 5.5 percent at $31.44. The electronics retailerrebounded from a drop of 6.8 percent on Tuesday after itforecast a drop in full-year sales.

The S&P retail index edged up 0.1 percent. After asluggish start to the year, the index is up 8.4 percent forAugust, on pace for its best month since October 2011.

On the downside, apparel retailer Chico's FAS Inc fell 3.8 percent to $15.41 after its results.

"There have been pros and cons," said Joe Saluzzi,co-manager of trading at Themis Trading in Chatham, New Jersey.

"It's time to play catch-up now, if there really is arecovery that is a strong as it is supposed to be then you wouldexpect these retailers to be doing well, and if you are seeingsigns of it then that would make sense."

The trading range for major indexes was among the narrowestof the year. Volume was depressed with some market participantson vacation ahead of the Labor Day long weekend holiday in theUnited States.

"It's August and all that, but I haven't seen this kind oflow volume in a while," said Saluzzi.

The Dow Jones industrial average rose 14.21 points,or 0.08 percent, to 17,120.91, the S&P 500 lost 0.06point to 1,999.96, and the Nasdaq Composite added 1.25points, or 0.03 percent, to 4,571.88.

A mere 4.54 points separated the S&P 500's high and low onWednesday, making for the narrowest one-day trading range sinceJuly 2.

Equities have been strong of late, with the S&P 500 closingabove 2,000 for the first time on Tuesday, marking its 30threcord close of the year, according to S&P Dow Jones Indices.The Dow also made an intraday record high on Tuesday, but wasunable to close at a record.

Analog Devices Inc (NasdaqGS: ADI - news) was one of the S&P 500's biggestdecliners, off 2.7 percent at $50.78 a day after reportingthird-quarter results.

Even (Taiwan OTC: 6436.TWO - news) so, the Nasdaq 100 is on track for its 11thstraight advance, its longest winning streak in about 14 months.

Digital Ally Inc (NasdaqCM: DGLY - news) fell 14.4 percent to $12.23 onheavy volume, pulling back after a massive rally that had driventhe stock's price up more than 200 percent in August alone. Thewearable camera maker has reported heightened demand since Aug.9, when a white police officer shot and killed an unarmed blackteen in Ferguson, Missouri, triggering weeks of protests. (Reporting by Chuck Mikolajczak; Editing by Leslie Adler)

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