[ad_1]
The major indices ended mixed on Wall Street Tuesday after spending much of the day swinging between gains and losses.
For part of the afternoon, the market looked as if it would recoup some of the losses it had suffered in a big pullack a day earlier, but at the closing bell even those gains had for most of them fizzled out.
The S&P 500 ended down just under 0.1% and the Dow Jones Industrial Average was down 0.1%. The gains of some tech companies helped push the Nasdaq up 0.2%. Uber jumped 11.5% after raising its outlook.
The yield on the 10-year Treasury bill edged up to 1.32%.
EARLIER:
A late-afternoon rally in tech companies helped push stocks on Wall Street on Tuesday, setting the market on pace to recoup some of its losses after a sharp pullback a day earlier.
After fluctuating between small gains and losses for much of the afternoon, the S&P 500 was up 0.4% at 3:34 pm EST. The Dow Jones Industrial Average also rebounded, gaining 116 points, or 0.3%, to 34,085, while the Nasdaq was up 0.7%.
About 56% of stocks rose in the benchmark S&P 500, with tech companies accounting for a large chunk of the gains. The apple rose 0.7%. The sector was the biggest decline in a large sale on Monday.
Healthcare companies have also contributed to the market boom. Johnson & Johnson rose 0.8% after reporting that a booster of its single-injection coronavirus vaccine provides a stronger immune response months after people received a first dose.
Only industrial companies have fallen.
The 10-year Treasury yield edged up to 1.32% from 1.31% on Monday night.
“It’s a bit of a hiatus and the market is waiting for the Federal Reserve to see what it has to say tomorrow,†said Rob Haworth, senior investment strategist at US Bank Wealth Management.
European markets were up and Asian markets mostly rose. Chinese markets have remained closed for a holiday.
The market liquidation on Monday was prompted in part by concerns about heavily indebted Chinese real estate developers and the damage they could cause if they default and spill over into the markets. This has added to a wide range of concerns hanging over investors, including the highly contagious delta variant as well as higher prices squeezing businesses and consumers.
Wall Street is also assessing the impact of the slowing recovery on Fed policies that have helped support the market and the economy. The central bank will issue a policy statement on Wednesday, which will be closely watched for any signals on how it ends up cutting its bond purchases that have helped keep interest rates low.
Several companies are making solid gains after giving investors encouraging financial updates. Rideshare company Uber jumped 12.1% after telling investors it could post adjusted earnings this quarter. Equipment rental provider Herc Holdings advanced 6.4% after a strong long-term growth forecast.
Supply chain issues, which have plagued a wide range of industries, have weighed on several companies. Homebuilder Lennar has stalled after third-quarter home deliveries fell short of analysts’ expectations due to supply chain issues.
Restaurateur Cracker Barrel fell 2.8% after posting weak financial results in the fourth quarter.
Universal Music jumped 35.7% when it debuted on the Amsterdam Stock Exchange.
[ad_2]
