July 24, 2024

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Stocks pull mostly higher, shaking off some early wobbles | National News

2 min read

Stocks are pulling mostly higher in afternoon trading on Wall Street after shaking off some wobbles from earlier in the day. Gains for banks and industrial companies are offsetting weakness in Big Tech stocks.

Energy companies were also lower as the price of crude oil sank. Investors were also digesting a round of encouraging reports on the economy.

The S&P 500 rose 0.4% for the latest round of back-and-forth trading it’s gone through the last few weeks.

The market has been mostly tumbling in place recently, with support for stocks coming from expectations that the economy will soar soon thanks to COVID-19 vaccinations and huge amounts of spending by Washington. A quick rise in interest rates has undercut stocks at the same time, though.

The Dow Jones Industrial Average was up 126 points, or 0.4%, at 32,554, as of 3:11 p.m. Eastern time. The Nasdaq was up 0.1%. The Russell 2000 index of smaller stocks was doing much better than the rest of the market with a 1.7% gain.

Stocks of energy producers dropped to the market’s sharpest losses after the price of U.S. oil slumped 4.3% to close at $58.56 a barrel. Diamondback Energy fell 1.6%, and Halliburton dropped 1.7%.

The slump in the price of crude oil followed a 6% jump a day earlier, when it climbed above $61 per barrel after a skyscraper-sized cargo ship wedged itself across Egypt’s Suez Canal and raised worries about supply disruptions.

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