Markets Right Now: Stock turn mixed after an early stumble
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks shook off an early stumble and are trading mixed at midday on Wall Street.
Weakness in bank stocks and retailers is being offset Wednesday by gains in technology companies and other sectors.
Bank of America gave up 1% and Automatic Data Processing rose 1%.
High-dividend stocks like utilities and makers of consumer products were doing better than the rest of the market.
The S&P 500 rose 2 points, or 0.1%, to 3,094.
The Dow Jones Industrial Average rose 35 points, or 0.1%, to 27,725. The Nasdaq edged up 4 points, less than 0.1%, to 8,491.
Small-company stocks fell. More stocks fell than rose on the New York Stock Exchange.
Bond prices rose. The yield on the 10-year Treasury fell to 1.88%.
Stocks are opening slightly lower on Wall Street led by declines in banks and industrial companies.
Wells Fargo lost 1% early Wednesday and General Electric gave up 1.4%.
Traders will be closely watching testimony before Congress later in the day by Federal Reserve Chairman Jerome Powell. They hope he’ll provide more insight about the Fed’s future plans for interest rates.
The S&P 500 fell 5 points, or 0.2%, to 3,086.
The Dow Jones Industrial Average lost 17 points, or 0.1%, to 27,674. The Nasdaq fell 17 points, or 0.2%, to 8,468.
Bond prices rose. The yield on the 10-year Treasury fell to 1.87%.