| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $30,523.80 | 337.98 | 1.12 |
| SP500 | $3,719.98 | 42.03 | 1.14 |
| I:COMP | $10,772.40 | 96.60 | 0.90 |
U.S. stock indexes were mixed early Wednesday morning
as they whipsawed between gains and losses.
U.S. stock indexes rose on Tuesday, rallying for a second day as a combination of better-than-expected earnings and an easing of turmoil in U.K. markets lifted investors’ confidence.
The S&P 500 climbed 42.03 points, or 1.1%, to 3719.98 while the Dow Jones Industrial Average rose 337.98 points, or 1.1%, to 30523.80 and the technology-heavy Nasdaq Composite moved ahead 96.60 points, or 0.9%, to 10772.40.
The moves come a day after the major indexes soared. Big swings have become commonplace for U.S. stocks, with the S&P 500 closing up or down at least 2% in the three prior trading sessions.
Even with some runs higher, all three indexes remain in a bear market, entered into after a drop of 20% or more from a recent high.
“When you’re in the throes of a bear market, to see meaningful moves higher for stocks, you need to also see a big move in the bond markets. You need yields to meaningfully fall,” said Michael Antonelli, managing director and market strategist at Baird.
That hasn’t happened. Instead, the yields on U.S. government bonds have been climbing higher, with the yield on the 10-year Treasury note settling above 4% for the first time since 2008 on Friday.
On Tuesday, the yield on the 10-year Treasury note edged lower to 3.996% from 4.012%. Bond yields and prices move in opposite directions. Investors had been bracing for a difficult earnings season, with the threats of soaring inflation, rising interest rates and flagging growth weighing on consumer spending and corporate profits.
But results thus far have proved better than expected, prompting a rally for U.S. stock markets after months of declines.
Meanwhile, Asian stock markets were mixed Wednesday after Wall Street rose on strong corporate profit reports.
Tokyo advanced while Shanghai and Hong Kong declined. The yen stayed near a two-decade low under 149 to the dollar.
The Nikkei 225 in Tokyo gained 0.4% to 27,257.38, while the Shanghai Composite Index lost 0.7% to 3,060.20. The Hang Seng in Hong Kong lost 2% to 16,576.17. The Kospi in Seoul declined 0.6% to 2,237.44 and Sydney’s S&P-ASX 200 advanced 0.4% to 6,803.80. India’s Sensex opened up 0.7% at 59,357.90. New Zealand and Southeast Asian markets advanced.
