The short holiday trading week resulted in another fairly rangebound period for equities. The market has remained in a channel of sorts since February. The S&P 500 opened on Tuesday at 2125.34 and closed Friday at 2107.39, down 17.95 points or 0.84%. On Tuesday, each of the major indexes were down by at least 1% due to better-than-expected economic data that put interest-rate hike worries back on the front burner. April new-home sales rose 5.8% to 517,000 (509,000 expected) and are running much higher than last year. Orders for durable goods and May consumer confidence data also came in better than expected on Tuesday. On Wednesday, equities enjoyed a daylong rally that helped erase most of Tuesday’s losses amid reports that Greek officials and Eurozone members have started crafting an agreement to secure funds for the country. The Nasdaq surged after it was reported that Avago Technologies (AVGO) is in talks to acquire Broadcom (BRCM). Economic news was mixed Friday with consumer sentiment for May coming in slightly stronger than expected. The first quarter GDP was revised to indicate a 0.7% decline.