The Dow Jones Industrial Average rose 3.36 points, or 0.01 per cent, to 33,984.93, the S&P 500 lost 0.9 points, or 0.02 per cent, to 4,186.72 and the Nasdaq Composite dropped 48.56 points, or 0.34 per cent, to 14,090.22. — Reuters picNEW YORK, April 28 ― Shares eased from record peaks yesterday as optimism about a global economic recovery was dented by caution before a policy decision by the US Federal Reserve and earnings updates from a number of blue-chip companies.
One area of concern was India, which is struggling with surging coronavirus infections that have overwhelmed its healthcare system. “We've been in a significant rally for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “The laws of gravity tell you that at some point we're going to see a pullback.”The Dow Jones Industrial Average rose 3.36 points, or 0.01 per cent, to 33,984.93, the S&P 500 lost 0.9 points, or 0.02 per cent, to 4,186.72 and the Nasdaq Composite dropped 48.56 points, or 0.34 per cent, to 14,090.22.
The dollar hovered near multiweek lows versus other major currencies, but moves were narrow as traders avoided taking out big positions before a bond auction and the Fed meeting.“Nobody really believes that the Fed will change its forward guidance, but, just in case, investors appear to be loading up on US dollar as a hedge,” said OANDA analyst Jeffrey Halley.