Stocks – Wall Street Sees Some Gains, but Gains Are Small
Investing.com – Stocks moved very slightly higher for a sixth-straight day, perhaps because of the uncertainty caused by the House vote on impeaching President Donald Trump.
The , , and indexes hit intraday highs before the gains faded.
The Nasdaq and Nasdaq 100 Indexes rose about 0.05% each. The Russell rose 0.25%. The trio finished with their sixth-straight gains, all records, with the Nasdaq and Nasdaq 100 Indexes rising less than 0.1% each.
But the S&P 500 and closed with small losses after five straight gains. The S&P’s loss was 0.04%, or 1.4 points.
The Dow gave up a 56-point gain early in the day to close down about 28 points, or 0.1%.
The Dow was propped up largely thanks to a bounce-back rally in shares of Boeing (NYSE:).
Boeing (NYSE:) added 1.1% on the day, which contributed about 25 points to the blue-chip index. The company announced late Monday it was suspending production of its troubled 737 Max airliner until it is recertified by regulators.
Traders and investors were paying attention to the impeachment debate and that may have injected a note of uncertainty into the market. Perhaps as important, the market’s momentum has slowed in the last week as the major indexes repeatedly hit new highs.
Weighing on the S&P 500 was FedEx (NYSE:), which fell nearly 10% after earnings disappointed and the package-shipping company cut its guidance for 2020.
At the same time, Netflix (NASDAQ:) shares were nearly 2% higher after Bank of America Merrill Lynch (NYSE:) rated the stock a buy. Analysts said Netflix subscribers aren’t cancelling in order to sign on with other streaming services such as Walt Disney’s (NYSE:) Disney+.
Better, the shares have recovered all of their 22% decline between the end of July and mid-September because of worries the company couldn’t compete against streaming services from Disney , Apple (NASDAQ:) and others.
About 135 stocks saw 52-week highs on the day, including Apple, office-furniture maker Steelcase (NYSE:), Nike (NYSE:), JPMorgan Chase (NYSE:), Best Buy (NYSE:) and Tesla (NASDAQ:).
Interest rates moved modestly higher with the Treasury yield rising to 1.919% from Tuesday’s 1.889%. and prices were basically flat.
Foot Locker (NYSE:), seed-company Corteva (NYSE:) and Wynn Resorts (NASDAQ:) were among the top S&P 500 stocks on the day.
FedEx Corporation (NYSE:), insurance company Unum Group (NYSE:) and beauty-products retailer Ulta Beauty (NASDAQ:) were among the S&P 500 laggards.
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