Stock market today: Wall Street drifts near record highs following recent big moves

NEW YORK — U.S. stocks are drifting around their records as financial markets around the world take a pause following big recent moves. The S&P 500 was up 0.1% in early trading Wednesday. The Dow Jones Industrial Average was flat, and so was the Nasdaq composite. Treasury yields were holding relatively steady, a day after sinking on a surprisingly weak update on consumer confidence.

SAP fell 2.3% after Bloomberg News reported that the U.S. Department of Justice was investigating the German software giant for conspiring with the American company Carahsoft Technology to overcharge U.S. government agencies. Other companies are also being investigated, according to the report. However, the cheer brought on by news of a coordinated effort to rev up growth in the world’s second-largest economy appeared to dissipate as the day wore on.

“Chinese policymakers are throwing everything they’ve got to fight off deflation and breathe life into growth. Will it work long-term? Who knows,” Stephen Innes of SPI Asset Management said in a commentary.Australia's S&P/ASX 200 slipped 0.2% to 8,126.40. A report released Tuesday showed U.S. households are feeling more worried about the job market. Their overall confidence level sank in September, according to the Conference Board, instead of rising like economists expected. That’s a big deal because spending by U.S. consumers is the heart of the U.S. economy.

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