clearn.png
Saturday October 16th, 2021 7:14AM

Stocks are mostly higher on Wall Street in choppy trading

By The Associated Press
Related Articles
  Contact Editor

Major stock indexes were mostly higher on Wall Street in choppy trading Thursday afternoon as investors reviewed earnings and inflation data.

The S&P 500 was up 0.2% as of 3:34 p.m. Eastern, recovering from an early 0.5% slide. The benchmark index is coming off three straight declines, but remains on pace for a weekly loss of 0.7%.

All but one of the S&P 500's 11 sectors were in the green, with technology and communication accounting for a big share of the gains. A mix of companies that rely on consumer spending also helped lift the market. Banks stocks fell.

The Dow Jones Industrial Average was essentially flat, while the Nasdaq rose 0.6%.

Banks were among the heaviest weights on the market. JPMorgan Chase fell 2.7% after its latest earnings showed that the bank struggled to grow revenues with interest rates at near-zero levels. Falling bond yields also weighed on the sector, which relies on higher yields to charge more lucrative interest on loans. American Express fell 3.3% and Capital One Financial dropped 3.2%.

The yield on the 10-year Treasury fell to 1.54% from 1.58% late Tuesday.

Industrial stocks were evenly split between gainers and losers after recovering from an early dip. Delta Air Lines shed 6% after warning investors that rising fuel prices will challenge its ability to remain profitable. It also forecast higher labor costs. United Airlines fell 3.9% and American Airlines slid 3.3%.

The latest update on inflation was mostly taken in stride. Consumer prices rose 5.4% in September from a year ago, matching the highest rate since 2008. The figure is slightly higher than economists expected. A wide range of businesses have been dealing with supply chain disruptions and delays amid rising demand for goods, and many have warned that will increase costs and crimp their financial results.

“There’s a lot of nervousness and anxiety about inflation right now," said Kristina Hooper, chief global market strategist at Invesco. “We're going to see a lot of volatility and shifts in leadership; that's just part of the transition period we're in.”

Many companies have been raising prices to offset higher shipping and raw materials costs. Analysts are concerned that higher prices could stall consumer spending, the key driver for economic growth. The latest report from the Labor Department showed that the costs of new cars, food, gas, and restaurant meals all jumped in September.

Investors will get more data on consumer spending on Friday when the Commerce Department reports retails sales for September.

More big banks are scheduled to release earnings this week. Bank of America, Wells Fargo and Citigroup will follow with their latest quarterly results on Thursday. Corporate earnings reports will ramp up after this week and analysts have said that might help show investors a clearer path ahead in what has been a choppy market.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Fed officials: Bond purchases could end by middle of 2022
Federal Reserve officials agreed at their last meeting that if the economy continued to improve, they could start reducing their monthly bond purchases as soon as next month and bring them to an end by the middle of 2022
2:59PM ( 8 minutes ago )
William Shatner, TV's Capt. Kirk, blasts into space
Hollywood’s Captain Kirk, 90-year-old William Shatner, has blasted into space and safely returned to Earth in a convergence of science fiction and science reality
2:53PM ( 14 minutes ago )
Climate change: North Carolina gov signs major energy law
A milestone energy bill that targets sharply reducing greenhouse gas emissions from North Carolina power plants has become law
2:50PM ( 17 minutes ago )
Associated Press (AP)
Russia, WHO differ on when approval will come for Sputnik V
The head of the Russian sovereign fund bankrolling the shot says Russia is ready to provide up to 300 million doses of its Sputnik V vaccine to the U.N.-backed COVAX initiative
2:08PM ( 1 hour ago )
Putin says relations with Biden "working and stable"
Russian President Vladimir Putin says the Kremlin has “constructive” relations with the Biden administration and has voiced hope that mutual interests would eventually help normalize U.S.-Russia ties
2:04PM ( 1 hour ago )
Daily Wire launches conservative book publishing imprint
A publishing division is being started by the conservative media company the Daily Wire
2:04PM ( 1 hour ago )
AP Business
Stocks turn mixed on Wall Street in choppy trading
Stocks turned mixed in afternoon trading on Wall Street as investors review earnings and inflation data
1:18PM ( 1 hour ago )
JPMorgan's 3Q profits rise, but low rates weigh on revenue
JPMorgan Chase says profits rose 24% in the third quarter, largely driven by one-time items that boosted its results, as the bank struggled to grow revenues with interest rates at near-zero levels
1:05PM ( 2 hours ago )
Heating bills set to soar as inflation hits energy prices
With prices surging worldwide for heating oil, natural gas and other fuels, the U.S. government said Wednesday it expects households to see jumps of up to 54% for their heating bills from last winter
12:54PM ( 2 hours ago )
AP Business - Economy
House sends debt limit hike to Biden, staving off default
The House has approved a short-term hike to the nation’s debt limit
7:01AM ( 8 hours ago )
World shares mixed as investors await US inflation figures
World shares are mixed as investors wait for the release of U.S. inflation data and upcoming corporate earnings
4:40AM ( 10 hours ago )
China exports up 28% in September; surplus with US at $42B
China’s imports slowed while exports accelerated in September, customs data showed Wednesday, pushing the trade surplus higher on sustained demand in the U.S. and Asia
1:46AM ( 13 hours ago )
AP Business - Financial Markets
Fed officials: Bond purchases could end by middle of 2022
Federal Reserve officials agreed at their last meeting that if the economy continued to improve, they could start reducing their monthly bond purchases as soon as next month and bring them to an end by the middle of 2022
2:59PM ( 8 minutes ago )
William Shatner, TV's Capt. Kirk, blasts into space
Hollywood’s Captain Kirk, 90-year-old William Shatner, has blasted into space and safely returned to Earth in a convergence of science fiction and science reality
2:53PM ( 14 minutes ago )
Climate change: North Carolina gov signs major energy law
A milestone energy bill that targets sharply reducing greenhouse gas emissions from North Carolina power plants has become law
2:50PM ( 17 minutes ago )
Wildfire rages in Southern California coastal mountains
A wildfire raging through Southern California coastal mountains is a threat to ranches and rural homes and is keeping a major highway shut down
2:43PM ( 25 minutes ago )
Holocaust forum looks at social media's role in antisemitism
Participants at a Holocaust remembrance conference in Sweden have blamed social media for contributing to a global rise in antisemitism
2:41PM ( 26 minutes ago )