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NEW YORK — Investors made few big moves Tuesday after stocks rocketed 14 percent in just 16 days.
The market put up modest gains as many traders held their positions and looked toward the Labor Department’s employment report on Friday.
Tuesday’s mostly upbeat economic data helped prevent the market’s pause from turning into the type of slide that can follow big jumps. Analysts have been predicting stocks would idle after such a strong run, and some saw investor caution at work.
“There is a lot of concern that the market has moved too far too fast and that we’ve gotten ahead of the economy,” said Brian Bush, director of equity research at Stephens Inc.
Still, investors did receive a few more doses of positive news Tuesday, enough to keep them from giving up hope. A rise in consumer spending and a fifth straight monthly increase in pending home sales provided new evidence that the economy could be stabilizing.
Corporate news also helped buoy sentiment. Caterpillar Inc. predicted cost cuts and other efforts will enable it to post profits over the long term.