Stocks wobble as investors seek direction amid recovery | National News
2 min read
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, June 8, 2021. Stocks edged lower in Asia on Tuesday after a mixed finish on Wall Street, as investors weighed the risks of inflation against signs the recovery from the pandemic is gaining momentum.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, June 8, 2021. Stocks edged lower in Asia on Tuesday after a mixed finish on Wall Street, as investors weighed the risks of inflation against signs the recovery from the pandemic is gaining momentum.
A currency trader takes a look at documents at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, June 8, 2021. Stocks edged lower in Asia on Tuesday after a mixed finish on Wall Street, as investors weighed the risks of inflation against signs the recovery from the pandemic is gaining momentum.
The Federal Hall statue of George Washington overlooks the New York Stock Exchange, Monday, June 7, 2021. Stocks are off to a mixed start on Wall Street as technology companies climb while banks and energy companies fall. The S&P 500 index edged up 0.1% in the early going Tuesday, June 8 while the Dow Jones Industrial Average was slightly lower.
Stocks swayed between small gains and losses in afternoon trading on Wall Street Tuesday while investors continue searching for direction as the economy recovers from its pandemic slump.
The S&P 500 rose 0.1% as of 12:38 p.m. Eastern. The Dow Jones Industrial Average rose 3 points, or less than 0.1%, to 34,631 and the Nasdaq rose 0.2%.
A variety of companies that rely on direct consumer spending made solid gains. Domino’s Pizza rose 2.4% and Gap rose 2.3%. Technology stocks also ticked higher.
Those gains were kept in check by falling health care stocks. Banks recovered from an earlier slide but remained weighed down as bond yields, which they rely on to charge more lucrative interest rates on loans, slipped. The yield on the 10-year Treasury fell to 1.54% from 1.57% late Monday.
The stock of Fastly, an internet cloud services provider, was 5.7% higher after the company said it had addressed an internal problem that caused dozens of websites around the globe to go down briefly, including the home page of Britain’s government and The New York Times.
“We’re kind of stuck in the summer lull,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. “Week by week we’re going to go through periods where people are waiting for the latest economic data report.”
