NEW YORK — Stocks closed mostly higher, as Wall Street steadied itself following its worst day in weeks. The S&P 500 rose 0.1% Wednesday, clawing back a bit of its loss from the prior day. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite added 0.2%. Treasury yields eased after a report said growth for U.S. services businesses cooled last month. That could keep the Federal Reserve on track to cut interest rates several times this year.
They helped offset a 7.5% drop for Intel, which disclosed financial details about key parts of its business for the first time, including its money-losing foundry business. The Walt Disney Co. fell 2.6% after shareholders voted against installing an activist investor to its board who had promised to shake up the company to lift its stock price.
What has Wall Street worried has been a litany of reports showing the economy remains stronger than expected. That is encouraging, of course, because it means the economy continues to avoid a recession, and it should provide support for corporate profits. But it could also add upward pressure on inflation and discourage the Fed from cutting rates.
A more comprehensive report on the job market for March will arrive from the U.S. government on Friday, and it will likely be the week’s headline economic data. But the Fed's Powell said Wednesday that the Fed has the independence that “both enables and requires us to make our monetary policy decisions without consideration of short-term political matters.” That could be a hint that it may make a move that some may see as uncomfortably close to the election.
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