Major
The S&P 500 eked out a 0.1% gain after having been up 0.7% in the early going. The Dow Jones Industrial Average managed a 0.3% gain, while the tech-heavy Nasdaq slid 0.4%.
Financial and energy stocks helped keep the S&P 500 out of the red.
Technology stocks, which led the market’s blockbuster rebound in 2020, fell for the seventh straight day. The sector, one of 11 in the S&P 500, is up 4.6% this year, the third-smallest gain in the index after consumer staples and utilities. Energy companies are faring the best with a 38.1% gain so far this year.
The market’s mixed results came as investors remain focused on earnings reports, which have been better than expected. More than half of the companies in the S&P 500 have reported their results so far this earnings season, which show profit growth of 54%, according to FactSet.
“It’s been a pretty torrid pace in terms of earnings right now, but not everyone is being rewarded,” said
The S&P 500 added 2.93 points to 4,167.59. The benchmark index hit an all-time high last Thursday. The Dow rose 97.31 points to 34,230.34, while the Nasdaq dropped 51.08 points to 13,582.42. The Russell 2000 index of small-company stocks lost 6.92 points, or 0.3%, to 2,241.37.
Stocks had been mostly pushing higher on expectations of an economic recovery and strong company profits this year as large-scale coronavirus vaccination programs help people return to jobs and normal activities after more than a year of restrictions. Massive support from the
Still, investors remain concerned about the potential for higher inflation, signs of which are already cropping up as higher prices for oil, lumber and other commodities. Remarks by Treasury Secretary
Yellen downplayed those remarks, and several Fed officials followed suit Wednesday, which helped boost stocks, said
“A combination of decent (economic) data, continued good earnings and a co-ordinated apology tour were enough to get markets to move back in an upward direction,” he said.
Facebook shares fell 1% after the company announced its independent oversight board would continue to ban former President
Shares of exercise equipment company
Later this week, investors’ attention will turn to the jobs report for April. Economists expect the data to show employers hired 975,000 workers last month as the economy accelerated out of the pandemic and vaccines rolled out nationwide. The unemployment rate is expected to drop to 5.8% from 6%.
A private sector jobs report released by payroll processing company ADP found that private employers created 742,000 jobs last month, which was less than the 896,000 jobs that were expected by economics.
Bond yields were stable on Wednesday, with the 10-year
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