Markets Right Now: After early stumble, stocks end higher
NEW YORK (AP) — The latest on developments in financial markets (all times local):
The stock market shook off an early stumble and ended broadly higher, breaking a two-day slump that got October off to a miserable start.
Big technology companies and drug makers led the gains Thursday, while materials makers and banks pulled up the rear.
The early slide was caused by another weak sign on the economy. Growth in the services sector slowed to its lowest level in three years.
Consumer products makers did well, led by a 3% jump in Pepsi after the company reported solid quarterly results.
The S&P 500 rose 23 points, or 0.8%, to 2,910.
The Dow Jones Industrial Average rose 122 points, or 0.5%, to 26,201. The Nasdaq rose 87 points, or 1.1%, to 7,872.
Bond prices rose. The yield on the 10-year Treasury fell to 1.53%.
Stocks are back near breakeven levels at midday after recovering from a mid-morning scare caused by another danger sign on the economy.
The latest bit of disturbing news came Thursday in the form of a surprisingly weak report on the U.S. services sector, which makes up the bulk of the economy.
The Institute for Supply Management said growth in the sector slowed sharply last month to its lowest level in three years. That followed troubling reports on hiring and manufacturing earlier this week that sent markets reeling.
The S&P 500 was little changed at 2,889.
The Dow Jones Industrial Average slipped 42 points, or 0.2%, to 26,036. The Nasdaq rose 21 points, or 0.3%, to 7,806.
Bond prices rose. The yield on the 10-year Treasury fell to 1.54%.
Stocks are stabilizing in early trading on Wall Street after a rough two first days of October.
Technology stocks, which have taken losses over the past two days as worries over trade and the economy flared up, did relatively well in the early going on Thursday. Chipmaker Nvidia climbed 1.1%.
There was mixed news on earnings.
Pepsi rose 2.1% after turning in results that easily beat analysts’ estimates, while Constellation Brands sank 4.1% after reporting a loss in its latest quarter.
The S&P 500 was little changed at 2,887.
The Dow Jones Industrial Average slipped 42 points, or 0.2%, to 26,036. The Nasdaq was flat at 7,786.
Bond prices rose. The yield on the 10-year Treasury fell to 1.58%.