NEW YORK — Stocks closed modestly higher on Wall Street, chipping away at the market’s losses for August. Treasury yields fell Wednesday after some weaker-than expected readings on the U.S. economy and job market. The S&P 500 rose 0.4%, its fourth gain in a row. It’s still down 1.6% for August, with one trading day left in the month. The Dow Jones Industrial Average added 37 points, or 0.1%, and the Nasdaq composite rose 0.5%. The yield on the 2-year Treasury note fell to 4.88%. HP sank 6.
Wall Street's focus this week remains a broad mix of data that investors hope will paint a clearer picture of where the economy is headed and whether the Federal Reserve has enough reason to hold off on further interest rate hikes. Treasury yields fell following the latest economic reports. The yield on the 10-year Treasury slipped to 4.11% from about 4.15% just before the latest GDP report. It stood at 4.12% late Tuesday.
The latest round of economic updates are signaling that the Fed may be able to pause hiking its main interest rate, which it has pushed to its highest level since 2001 in an effort to tame inflation. The central bank held rates steady at its last meeting and investors expect the same at its upcoming meeting in September.
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