The Nasdaq Composite fell as Treasury yields halted their rise. Defensive sectors took the lead as investors sought stability in the volatile market.
Reuters
Indices S&P 500 and Dow Jones of Wall Street rose Wednesday by a partial rebound in the previous day’s sell-off, with comments from the chairman of the Federal Reserve, Jerome Powell , and the debt ceiling debate keeping earnings at bay.
However, the Nasdaq Composite declined as Treasury yields halted their rise. Defensive sectors took the lead as investors sought stability in the volatile market.
The top three indices are still on track to post monthly declines, with the S&P 500 breaking a seven-month winning streak.
“Investors are concerned about three things: the eventual decline in bond purchases by the Fed, inflation, after President Powell said it will hold longer than expected initially, and the debt ceiling issue that Congress is discussing, “said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.
During an event of the European Central Bank ( ECB ), Powell expressed frustration over persistent supply chain problems that could keep inflation high for longer than expected. The market strengthened after his comments.
The Dow Jones Industrial Average rose 90.73 points, or 0.26%, to 34,390.72 units; the S&P 500 gained 6.83 points, or 0.16%, at 4,359.46 units; and the Nasdaq Composite fell 34.24 points , or 0.24%, to 14,512.44 units.
Discussions about government funding to avoid closing its agencies continued on Capitol Hill, ahead of Friday’s deadline. and amid growing concerns about a US default.
Of the 11 main sectors of the S&P 500 , Materials suffered the largest percentage drop, with utilities leading the way with an increase of 1.3 percent.
Boeing Co provided the biggest boost to the Dow Jones after the successful testing of the 737 MAX with the Chinese aviation regulator. Shares of the aircraft maker rose 3.2 percent.
kg
Note: This article has been indexed to our site. We do not claim ownership or copyright of any of the content above. To see the article at original source Click Here