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By Staff Reporters
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The wobbly trading came as investors weighed another snapshot of inflation. Markets have been on edge about the possibility of a recession after a string of interest rate hikes by the Federal Reserve this year as the central bank fights inflation.
The S&P 500 rose 0.3% after wavering between small gains and losses much of the afternoon. The benchmark index was coming off its biggest drop since June 2020, which ended a four-day winning streak.
The Dow Jones Industrial Average closed 0.1% higher, while the Nasdaq composite rose 0.7%. Smaller company stocks also rose, pushing the Russel 2000 to a 0.4% gain.
Bond yields remained relatively stable after leaping higher on Tuesday. The yield on the two-year Treasury rose to 3.79% from 3.75% late Tuesday, when it soared on expectations for more aggressive interest rate hikes by the Federal Reserve.
The yield on the 10-year Treasury, which helps dictate where mortgages and rates for other loans are heading, held steady at 3.41%.
A report on inflation at the wholesale level showed prices are still rising rapidly, with pressures building underneath the surface, even if overall inflation slowed. It echoed a report on inflation at the consumer level Tuesday, which raised expectations for interest-rate hikes and triggered a rout for markets.
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Filed under: Alerts Sign-Up, Investing | Tagged: bond yields, DJIA, NASDAQ, S&P, UPDATE: Stocks Wobble But Hold! |
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