U.S. stock indexes traded mixed and in a narrow range on Wednesday as investors digested mixed quarterly results, stimulus negotiations in Washington and simmering U.S.-China tensions.
"Investors are still trying to figure out which way to go," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York."There's so much uncertainty out there." "Talk of a big stimulus package is sending jitters through the market because of the swelling deficit," Ghriskey added."On the other hand stimulus package benefits the economy and we all know this economy needs help during this pandemic."
Seven of the 11 major sectors in the S&P 500 trading higher, with utilities enjoying the biggest percentage gain. Pfizer Inc gained 4.5% after the drugmaker and German biotech firm BioNTech SE announced the U.S. government would pay $1.95 billion 100 million doses of their COVID-19 vaccine candidate. Shares of United Airlines Holdings Inc dropped 3.2% after the company reported an adjusted net loss of $2.6 billion in the April to June quarter.
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