NEW YORK — Stocks drifted to a mixed close on Wall Street as a lull carried through financial markets worldwide. The S&P 500 edged down 0.2% Wednesday, a day after setting an all-time high. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite fell 0.5%. The bond market was also quiet, with Treasury yields edging a bit higher. Stock markets around the world likewise moved only modestly. Oil prices rose, adding to their gains for the year so far.
The biggest action may have been in the oil market, where a barrel of benchmark U.S. crude climbed 2.6% to $79.56. Brent crude, the international standard, rose 2.5% to $83.94 per barrel. The breathtaking run since late October, though, has also raised criticism that it was too strong and too quick. The U.S. stock market is looking more expensive than it has in 99% of its history by a measure that looks at prices versus long-term earnings, according to Jeremy Grantham, co-founder of GMO.
On Wall Street, where the S&P 500 has jumped nearly 45% since hitting a bottom in 2022, Dollar Tree tumbled 14.4% after reporting weaker results for the latest quarter than analysts expected. Stocks of energy producers were also strong, benefiting from the rise in oil prices. Those in the S&P 500 rose 2% for the biggest gain by far among the 11 sectors that make up the index. Valero Energy climbed 6%, and Marathon Petroleum rose 4.3%. A 1.8% rise for Exxon Mobil was one of the strongest forces pushing the S&P 500 upward.
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