After the stocks showed a lack of direction in the course of Wednesday’s trading day, it was almost unchanged to end the session in the end. Despite the choppy trading, the tech-heavy Nasdaq set a new record.
The main average ended the day on the other side of the unchanged line. The Nasdaq rose 18.47 points (0.1%) to 14,271.73, while the Dow fell 71.34 points (0.2%) to 33,874.24 and the S & P 500 fell 4.60 points (0.1%) to 4,241.84.
The poor performance on Wall Street came because traders seemed reluctant to make significant moves in the uncertainty about the short-term outlook. market Following recent volatility.
The strong advance seen earlier this week came after last week’s stock price squeezed and the Dow fell to its lowest closing in more than two months.
The S & P 500 was slightly below the daytime high set last Tuesday, but the rebound caused the Nasdaq to hit a record high.
Comments from Federal Reserve Board Chairman Jerome Powell eased some of the concerns about the outlook for monetary policy that weighed heavily on the market last week.
Powell downplayed the risk of inflation and emphasized that the central bank would not raise interest rates “preemptively”, but traders know that the Fed will eventually begin to taper off asset purchases.
In US economic news, a report released by the Commerce Department unexpectedly showed another plunge in US new home sales in May.
New home sales fell 7.8% in April to 817,000 and then fell 5.9% to 769,000 a year in May, according to the Department of Commerce.
The continued decline surprised economists who expected new home sales to rise 0.8 percent from 863,000, which was first reported last month, to 870,000.
Most of the major sectors ended the day with only modest movements, contributing to the near-wider slump.
Utilities stocks showed a marked downtrend, but the Dow Jones Industrial Average fell 1.2% to its lowest closing price in well over two months.
Gold and chemical stocks also showed some weakness on the day, but strength was seen between securities firms and natural gas stocks.
Other markets
In overseas trading, the stock market in the Asia-Pacific region fluctuated in the trading on Wednesday. Japan’s Nikkei 225 index closed just below the unchanged line, but Hong Kong’s Hang Seng index rose 1.8%.
Meanwhile, all major European markets have moved down that day. Germany’s DAX index fell 1.2%, France’s CAC 40 index fell 0.9%, and the UK’s FTSE 100 index fell 0.2%.
In the bond market, government bonds fell slightly after showing a lack of direction in early trading. As a result, the yield on benchmark 10-year bonds, which move in the opposite direction of price, rose 1.5 basis points to 1.487%.
Future outlook
Thursday’s trading may be affected by reactions to the latest US economic data, including reports on initial unemployed billing and consumer durables orders.
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