Markets Right Now: Stocks end a wobbly day slightly lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks closed lower after a day of meandering as investors parsed conflicting signals on the economy and testimony from Federal Reserve Chairman Jerome Powell.
The market changed course several times Tuesday, then fell steadily in the last half-hour of trading.
Health care companies and banks did the most to pull stocks lower.
Powell told Congress the economy should keep expanding at a solid, though somewhat slower pace this year, and reassured markets that the Fed would be “patient” in raising interest rates.
The S&P 500 slipped 2 points, or 0.1 percent, to 2,793.
The Dow Jones Industrial Average fell 33 points, or 0.1 percent, to 26,057. The Nasdaq edged down 5 points, or 0.1 percent, to 7,549.
Bond prices rose. The yield on the 10-year Treasury fell to 2.64 percent.
Stocks shook off an early slump and were mixed in midday trading as investors weighed conflicting reports on the U.S. economy.
The market got off to a weak start Tuesday after the government reported that number of homes being built last month plunged to the lowest level in more than two years.
Later in the morning a surprisingly upbeat reading on consumer confidence from the Conference Board helped wipe out those losses, leaving indexes mixed.
Drugmakers will be in focus as CEOs of several major pharmaceutical companies appear before Congress to discuss drug pricing.
The S&P 500 rose 2 points, or 0.1 percent, to 2,798.
The Dow Jones Industrial Average was little changed at 26,093. The Nasdaq was also little changed at 7,555.
Bond prices rose, sending yields lower.
Stocks are opening lower on Wall Street led by declines in banks and internet companies.
JPMorgan Chase gave up 1.1 percent in early trading Tuesday and Google’s parent company Alphabet lost 1 percent.
Drugmakers will be in focus today as CEOs of several major pharmaceutical companies appear before Congress to discuss drug pricing. The leaders of AbbVie and AstraZeneca are among those appearing.
The S&P 500 index fell 4 points, or 0.1 percent, to 2,791.
The Dow Jones Industrial Average lost 93 points, or 0.3 percent, to 26,000. The Nasdaq fell 15 points, or 0.2 percent, to 7,539.
Bond prices rose. The yield on the 10-year Treasury fell to 2.63 percent.