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Wall Street took a breather on Wednesday as stocks finished mixed following Tuesday's 55-point rally, with investors waiting for two key inflation reports due Thursday and Friday. Eleven hundred Big Board stocks fell on the day, while more than 900 advanced. The Dow Jones Industrial Average slipped1.68 points to 3875.15. The S&P 500 fell less than half a point to 465.47. NASDAQ stocks rose 1.43 to 767.00. Bond prices also dropped, as the yield on the Treasury's benchmark 30-year issue rose to 7.9%. The price of gold rose 25 cents to $387.90 in London trading...
...yields. A sampler of good news: Union Corp., the nation's ninth largest banking company, reported that third-quarter profits increased 24% from a year ago; Pepsico, fueled by improved performance in its soft drink and snack foods divisions, posted an 18% hike in earnings. As a result, the Dow Jones Industrial Average jumped 55.51 points to 3876.83. The S&P 500 rose nearly seven points to 465.79. NASDAQ shares rose 8.76 to 765.751. Bond prices rallied on rumors that the Feds were inclined -- at least for the time being -- to hold back on further interest rate hikes. The yield...
...sign of industrial health. Economists had been expecting a slightly more modest rise of 3.3 percent or so. It was the latest in a string of indications that the economy is running strong, and reinforced fears of inflation that have ruined the market's Indian summer rally. The Dow Jones industrial average was down as much as 50 points during the day on Wednesday but rebounded to close with a 13.79 point loss at 3787.34. The S&P 500 fell 1.07, to 453.52. NASDAQ stocks dropped 1.02, to 746.28. And bond prices dropped sharply, driving the yield on the benchmark...
...largely to slow overseas sales of American aircraft and increased prices for imported oil, the U.S. trade deficit rose sharply in July to its second highest level in history. The gap, $10.99 billion, was nearly 22% higher than the June figure. Stock markets tumbled on the news, with the Dow shedding 101.6 points for the week...
...materials rose to 77.1, also the highest level in six years. That's a sign of inflation down the road, which makes it all the more likely that the Fed will boost rates for a sixth time this year. On Wall Street, the markets waffled, with the Dow Jones Industrial Average up a meager 3.70 points to 3846.89 while the S&P 500 dipped 0.97 to 461.74. NASDAQ stocks fell 3.41 to 760.88. But bond prices nosedived, driving the yield on the benchmark 30-year Treasury up to 7.86%, from...