The S&P 500 was virtually flat and edged up by 1.08, or less than 0.1%, to 5,071.63. It had jumped sharply in the first two days of the week to claw back nearly two-thirds of last week’s steep loss. The Dow Jones industrial average slipped 42.77, or 0.1%, to 38,460.92, and the Nasdaq composite added 16.11, or 0.1%, to 15,712.75. Tesla jumped 12.
Wednesday’s report said that orders for machinery, airplanes and other long-lasting manufactured goods were stronger last month than expected. Wall Street is in an awkward place where it wants the economy to avoid a painful recession, but not to be so hot that it keeps upward pressure on inflation and persuades the Fed not to cut rates. The yield on the 10-year Treasury rose to 4.64% from 4.60% late Tuesday. On Wall Street, railroad operator Norfolk Southern fell 3.
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