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.”