NEW YORK — Wall Street’s record-breaking rally kept going after weak reports on the economy kept the door open for possible cuts to interest rates. The S&P 500 rose 0.5% Wednesday to set an all-time high for the 33rd time this year. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite rose 0.9% to push its own record higher. Treasury yields slid following weaker-than-expected reports on both the job market and U.S. services companies, which make up the bulk of businesses.
One report said activity for businesses in the real estate, retail trade and other U.S. services industries contracted in June for just the third time in 49 months. The reading was weaker than economists' forecasts, which called for just a slowing of growth. Perhaps more importantly for Wall Street, the report from the Institute Supply Management also said prices are increasing at a slower pace.
The yield on the 10-year Treasury dropped to 4.35% from 4.44% late Tuesday, a notable move for the bond market, and much of the slide came after the report on U.S. services businesses. It’s been generally sinking since April on hopes that inflation is slowing enough to get the Federal Reserve to lower its main interest rate from the highest level in more than two decades.
On Wall Street, Constellation Brands swung between gains and losses after the company behind Modelo beer and Robert Mondavi wines reported stronger profit for the latest quarter than financial analysts expected. It cited strength in its beer business, but its revenue for the latest quarter came up just shy of analysts’ forecasts. Its stock was most recently down 2.6%.
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