clearn.png
Sunday September 25th, 2022 1:15AM

Stocks waver on Wall Street; S&P 500 holds on to weekly gain

By The Associated Press

NEW YORK (AP) — Stocks wavered between small gains and losses in choppy trading Wednesday, but most of the major indexes remained in the green for the week.

The S&P 500 rose 0.1% as of 12:45 p.m. Eastern. The Dow Jones Industrial Average fell 63 points, or 0.2%, to 31,863 and the Nasdaq rose 0.4%.

Small-company stocks made solid gains in a potential signal that investors had more confidence about prospects for economic growth. The Russell 2000 rose 1%.

Retailers had some of the strongest gains after getting beaten down in recent days over concerns that soaring inflation was eating into their profits. Some of those concerns dissipated after the high-end department store operator Nordstrom reported higher sales and raised its profit forecast. It's stock jumped 12.5%.

The yield on the 10-year Treasury note, which helps set mortgage rates, held steady at 2.76% from late Tuesday.

The broader market remains volatile with investors on edge because of rising inflation and its impact on businesses and consumers. Investors are also concerned about the Federal Reserve's aggressive plan to raise interest rates to fight inflation and hope the Fed won't act so aggressively to slow the economy as to cause a recession.

The Fed releases the minutes on Wednesday from its most recent policy meeting, potentially offering more insight into the reasons behind its actions this year.

The S&P 500 gained ground on Monday, but slipped again on Tuesday, dragged down by more losses in the technology sector. The S&P 500 is coming off of a seven-week losing streak and is currently on track for a gain this week.

Russia's invasion of Ukraine in February added even more pressure to already rising energy costs, making inflation worse for both businesses and consumers. Supply chains became even tighter over the last month as China locked down several major cities to fight rising cases of COVID-19.

Several companies made strong gains after reporting solid financial results and giving investors strong forecasts, despite grappling with persistently rising inflation.

TurboTax software maker Intuit rose 7.8% after raising its profit and revenue forecasts for the year. Caleres, the owner of Famous Footwear, surged 27.5% after also raising its profit forecasts for the year.

Homebuilder Toll Brothers rose 6.1% after reporting strong profits just a day after that sector stumbled amid a disappointing government report on newly built home sales.

Wendy's jumped 9.9% after Trian Fund Management, which already owns 19% of the company, said it was considering buying the rest of the company.

European markets were higher and Asian markets closed mostly higher.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
FDA chief under fire for slow response to baby formula issue
The head of the Food and Drug Administration testified about a series of setbacks that led to a months-long delay in inspecting the plant at the center of a nationwide baby formula shortage
1:22PM ( 8 minutes ago )
'Trump is in the past': Mounting losses show limits of power
Donald Trump began May with a decisive win for a favored candidate in Ohio, catapulting a Senate hopeful to a primary victory
1:11PM ( 18 minutes ago )
Clinton campaign lawyer rebuts claim he lied to FBI
Defense lawyers for a Hillary Clinton campaign lawyer charged with lying to the FBI during the Trump-Russia probe have shown jurors handwritten notes aimed at undercutting allegations that he misled the federal government about his legal work
1:09PM ( 20 minutes ago )
Associated Press (AP)
Will Congress act on guns after Sandy Hook, Buffalo, Uvalde?
Senate Majority Leader Chuck Schumer has quickly set in motion a pair of firearms background check bills in response to the school massacre in Texas
12:53PM ( 37 minutes ago )
Police suspect arson in fire at Wyoming abortion clinic site
Police believe an overnight fire in Wyoming that damaged a building being renovated to house a new abortion clinic was deliberately set
12:52PM ( 37 minutes ago )
Live updates | Germany has tough gun laws and school attacks
Germany's interior minister says she's shocked by the terrible bloodshed of the Texas school massacre
12:44PM ( 46 minutes ago )
AP National News
Gunman kills 19 children, 2 teachers in Texas school rampage
An official says an 18-year-old gunman who killed 19 children and two teachers at a Texas elementary school barricaded himself inside a classroom, “shooting anyone that was in his way."
11:06AM ( 2 hours ago )
Steven Tyler enters treatment, Aerosmith cancels shows
Aerosmith frontman Steven Tyler has voluntarily entered a rehabilitation program, forcing the Boston-based rock band to cancel the first portion of its upcoming Las Vegas residency
10:45AM ( 2 hours ago )
Brittney Griner's wife tells ABC she wants WNBA star home
Brittney Griner’s wife, Cherelle, wants President Joe Biden to secure her partner’s release, doing whate,ver is necessary to get the WNBA star home from Russia where she has been detained for more than three months
10:34AM ( 2 hours ago )
AP Online National News
Davos gathering overshadowed by global economic worries
The risks to the global economy are leading to an increasingly gloomy view of the months ahead for corporate leaders, government officials and other VIPs gathered at the World Economic Forum meeting in Davos, Switzerland
12:56PM ( 33 minutes ago )
Twitter shareholders to meet amid Elon Musk's takeover drama
Twitter’s regularly scheduled shareholder meeting Wednesday won’t include a vote on Tesla billionaire Elon Musk’s $44 billion bid for the social platform
12:52PM ( 37 minutes ago )
Pfizer to offer low-cost medicines, vaccines to poor nations
Pfizer says it will provide nearly two dozen products at not-for-profit prices in some of the world’s poorest countries
12:30PM ( 1 hour ago )
AP Business
Live updates | Switzerland to aid Ukraine with asset seizure
The Swiss government says it will initiate proceedings to confiscate more than 100 million francs ($104 million) in assets of a close associate of former Ukrainian President Viktor Yanukovych
10:50AM ( 2 hours ago )
Live updates | UK defense minister asks Russia to free grain
British Defense Minister Ben Wallace says Russia should permit food corridors in Ukraine even if sanctions are not lifted
10:27AM ( 3 hours ago )
Tentative $161.5 million settlement reached in opioid trial
Attorneys for the state of West Virginia and two remaining pharmaceutical manufacturers have reached a tentative $161.5 million settlement
9:50AM ( 3 hours ago )
AP Business - Corporate News
Davos updates | War sets back global economic recovery
Financial officials at the World Economic Forum’s annual gathering in Davos say Russia’s war in Ukraine has been a major setback to the global economic recovery
10:14AM ( 3 hours ago )
Davos updates | Initiative aims to build, govern metaverse
The World Economic Forum has unveiled an initiative to develop the metaverse, a virtual reality construct that many tech companies are betting will be the next big thing for the internet
9:32AM ( 3 hours ago )
Davos updates | Saudi official touts oil, emissions goals
A top Saudi official has touted his country’s strategy of increasing oil production capacity for export abroad while advocating for a domestic reduction of emissions in line with Saudi Arabia’s net-zero pledge
8:25AM ( 5 hours ago )
AP Business - Economy
Asian stock markets higher after Wall St sinks further
Asian stock markets are higher after Wall Street sank on weak U.S. housing sales and a profit warning by a prominent social media brand
1:54AM ( 11 hours ago )
In Cuba, caution and confusion meet eased US sanctions
The Biden administration's move to ease some sanctions on Cuba are being met with some confusion and caution by people on the island
12:52AM ( 12 hours ago )
Asian stock markets mixed after Wall St sinks further
Asian stock markets are mixed after Wall Street sank on weak U.S. housing sales and a profit warning by a prominent social media brand
11:50PM ( 13 hours ago )
AP Business - Financial Markets
FDA chief under fire for slow response to baby formula issue
The head of the Food and Drug Administration testified about a series of setbacks that led to a months-long delay in inspecting the plant at the center of a nationwide baby formula shortage
1:22PM ( 8 minutes ago )
'Trump is in the past': Mounting losses show limits of power
Donald Trump began May with a decisive win for a favored candidate in Ohio, catapulting a Senate hopeful to a primary victory
1:11PM ( 19 minutes ago )
Clinton campaign lawyer rebuts claim he lied to FBI
Defense lawyers for a Hillary Clinton campaign lawyer charged with lying to the FBI during the Trump-Russia probe have shown jurors handwritten notes aimed at undercutting allegations that he misled the federal government about his legal work
1:09PM ( 20 minutes ago )
Long COVID affects more older adults; shots don't prevent it
Research in U.S. veterans provides fresh evidence that long COVID-19 can happen even after breakthrough infections following vaccination
1:08PM ( 22 minutes ago )
Desperation becomes sorrow after elementary school shooting
Desperation turned to heart-wrenching sorrow for families of grade schoolers killed after an 18-year-old gunman barricaded himself in their Texas classroom and began shooting, killing at least 19 fourth-graders and their two teachers
1:06PM ( 24 minutes ago )