rain.png
Saturday April 10th, 2021 4:07PM

Stocks wobble as investors turn cautious after record highs

By The Associated Press

Stocks wobbled between small gains losses on Wall Street in morning trading Tuesday as investors shifted to a more cautious mood a day after the market reached its most recent record high.

Technology stocks were the biggest drag on the broader market in a reversal from a day earlier.

The S&P 500 index rose 0.1% as of 10:17 a.m. Eastern. Stocks within the index were nearly evenly split between gainers and losers. The losses in tech stocks were offset by gains from companies that are depending on continued economic growth to recover. Gap rose 3.5%, while Wynn Resorts rose 3.2%.

The Dow Jones Industrial Average was little changed. The Nasdaq rose 0.1%. Bond yields fell. The yield on the 10-year Treasury slipped to 1.68% from 1.72% late Monday.

Much of the churn within the market is occurring as Wall Street assesses the health and speed of the economic recovery. Investors have been weighing concerns about higher inflation as the economy grows, along with expectations that retail and other service sector stocks will make solid gains as the world moves past the pandemic and returns to some semblance of normalcy.

The International Monetary Fund expects global economic growth to accelerate this year as vaccine distribution ramps up and the world rebounds. The 190-country lending agency said it expects the world economy to expand 6% in 2021, up from the 5.5% it had forecast in January. That would be the fastest expansion in IMF records dating back to 1980.

Swiss bank Credit Suisse said it expects a $4.7 billion loss related to a default of by a U.S. hedge fund. Two top executives are leaving the bank. Credit Suisse also suspended a stock buyback program and cut its dividend. Credit Suisse fell less than 1%.

In Europe, France's CAC 40 climbed 0.6%, while Germany's DAX rose 0.9% and Britain's FTSE 100 rose 1.5%. Markets in Asia were mixed.

  • 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 This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: Spain PM: Stepping up virus vaccination drive
Spain is stepping up its vaccination drive, according to Prime Minister Pedro Sánchez
10:58AM ( 14 minutes ago )
Police: Suspect dead, 2 critically injured in Md. shooting
Police say two people were critically injured and the suspect was killed after a shooting at a business park in Maryland
10:51AM ( 20 minutes ago )
Israeli president picks Netanyahu to try to form government
Israel’s president has asked Prime Minister Benjamin Netanyahu to try to cobble together a governing majority
10:45AM ( 27 minutes ago )
Associated Press (AP)
Official: EU agency to confirm AstraZeneca blood clot link
A top official at the European Medicines Agency says there's a causal link between the AstraZeneca coronavirus vaccine and rare cases of blood clots, but he says the benefits of getting the vaccine still outweigh the risks
10:16AM ( 55 minutes ago )
Detroit's Ilitch family buying half of Atlantic City casino
A New York hedge fund says it's selling as much as half of its ownership of Atlantic City’s Ocean Casino to Detroit's Ilitch family
10:08AM ( 1 hour ago )
Topps looks to go public in $1.3B deal with SPAC
Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing
10:06AM ( 1 hour ago )
AP Business
Global stocks mixed after Wall St rally on economic optimism
Global shares are mixed after a Wall Street rally that reflected some optimism about the economy recovering from the pandemic
6:10AM ( 5 hours ago )
EU approves $4.7 billion in state aid to carrier Air France
The European Union has approved $4.7 billion in state aid for national carrier Air France as it struggles through the economic impact of the COVID-19 pandemic
5:29AM ( 5 hours ago )
The Latest: S. Korea not ruling out curbing vaccine exports
Health officials in South Korea are considering measures to prevent a shortage in coronavirus vaccines and haven’t specifically ruled out curbing exports of AstraZeneca shots produced in the country
3:56AM ( 7 hours ago )
AP Business - Economy
Stocks move broadly higher following big job gains in March
Stocks rose broadly in afternoon trading on Wall Street Monday as the economy showed more signs that it's continuing to recover
3:50PM ( 19 hours ago )
Stocks open broadly higher following big job gains in March
Stocks are off to a strong start on Wall Street Monday, putting the S&P 500 on track to beat the record high it set last week
9:46AM ( 1 day ago )
Stores in Greece open amid virus surge to help save economy
Retail stores across most of Greece have been allowed to reopen
8:46AM ( 1 day ago )
AP Business - Financial Markets
The Latest: Spain PM: Stepping up virus vaccination drive
Spain is stepping up its vaccination drive, according to Prime Minister Pedro Sánchez
10:58AM ( 14 minutes ago )
Police: Suspect dead, 2 critically injured in Md. shooting
Police say two people were critically injured and the suspect was killed after a shooting at a business park in Maryland
10:51AM ( 21 minutes ago )
Israeli president picks Netanyahu to try to form government
Israel’s president has asked Prime Minister Benjamin Netanyahu to try to cobble together a governing majority
10:45AM ( 27 minutes ago )
US Navy: 'Active shooter incident' at Fort Detrick
Police in Frederick, Maryland, say they've responded to an active shooter and that there are at least two victims
10:34AM ( 38 minutes ago )
Businesses and philanthropy unite to fight racial wealth gap
The CEOs of Starbucks and Goldman Sachs will join leaders from philanthropy and academia in a new initiative to address the racial wealth gap in the United States
10:25AM ( 46 minutes ago )