S&P 500 is flat as stock market continues March churn

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The market weakness came as Fed's Powell hinted at one day starting to remove the stimulus that has boosted the market during the pandemic.

The S&P 500 fluctuated in volatile trading Thursday as the market struggled for a direction after a rally to record highs took a breather.

Oil prices fell about 4% Thursday as demand concerns rekindled with fresh coronavirus pandemic lockdowns. The S&P 500 energy sector slid more than 2%.Jerome Powell hinted at one day starting to remove the stimulus"As we make substantial further progress toward our goals, we'll gradually roll back the amount of Treasurys and mortgage-backed securities we've bought," Powell told NPR's "Morning Edition.

The tech-heavy Nasdaq has been the relative underperformer with a flat return this year, compared to the S&P 500's 3% rise. Some investors have been taking profits in their growth winners which led the market's rebound from the pandemic losses last year. Pressure on equities came even as bond yields continued to decline from recent highs. The 10-year Treasury yield dipped 2 basis points to below 1.6%, falling for a fourth day after the rate hit a 14-month high last week.

 

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