S&P Still Hover Near Record
Stocks rose slightly on Wednesday with the S&P 500 hovering near an all-time high.
The Dow Jones Industrials gave back some of its gains but still finished positive 25.07 points at 34,600.38
The much-broader index gained 6.08 points to 4,208.12.
June is historically a weak month for stocks, but Instinet points out that the S&P 500 has had a better track record recently, gaining every June since 2016.
The NASDAQ grabbed 19.85 points to 13,756.33.
All three indexes are fairly close to record levels. The Dow is to within 1.4% of its all-time peak, while the NASDAQ is 3.2% below its record.
Energy stocks again outperformed the broader market on Wednesday as crude prices continued their recent rebound. Investors have snapped up shares of some of the nation’s largest oil and gas companies in recent sessions as optimism about the economic rebound in the U.S. fosters demand for crude, airfare and other travel-related assets.
Occidental Petroleum added nearly 2.7% and Marathon Oil rose 0.9%.
AMC shares, popular among retail investors and often subject to trading mania, soared 95% and was briefly halted for volatility. The meme stock was up 22% on Tuesday after raising $230.5 million through a stock sale.
Some key tech stocks were lower, weighing on the market. Zoom Video shares fell about 0.2% despite the company reporting blowout earnings on Tuesday. Sales grew 191% in the first quarter. Tesla and Microsoft also closed lower.
Inflation fears, and the ways in which the Federal Reserve might respond, have weighed on sentiment recently, although the major averages are still hovering around all-time highs.
Prices for 10-Year Treasurys strengthened, lowering yields to 1.59% from Tuesday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.06 to $68.78 U.S. a barrel.
Gold prices heightened six dollars to $1,911 U.S. an ounce.