Stocks drifted to a mixed close Wednesday on Wall Street as a lull carried through financial markets worldwide.
- The S&P 500 fell 9.96 points, or 0.2%, to 5,165.3 , a day after setting an all-time high.
- The Dow Jones Industrial Average rose 37.83 points, or 0.1%, to 39,043.32.
- The Nasdaq composite fell 87.87 points, or 0.5%, to 16,177.77.
The bond market was also quiet, with Treasury yields edging a bit higher. The biggest action may have been in the oil market, where a barrel of benchmark US crude climbed 2.6% to $79.56. Brent crude, the international standard, rose 2.5% to $83.94 per barrel.
Oil prices have been on a general upswing so far this year, which has helped keep inflation a bit higher than economists expected, the AP reports. That higher inflation has in turn dashed Wall Street's hopes that the Federal Reserve could start offering relief at its meeting next week by cutting interest rates. But the expectation is still for the Fed to begin cutting in June because the longer-term trend for inflation seems to remain downward.
- On Wall Street, Dollar Tree tumbled 14.2% after reporting weaker results for the latest quarter than analysts expected. Traffic increased at its stores, but it said customers bought less at each purchase than they did a year ago. The company also said it will close about 600 of its Family Dollar stores in the six months through early August.
- On the winning side of Wall Street was Williams-Sonoma, which jumped 17.9%. The company, which runs Pottery Barn and West Elm stores in addition to its branded locations, increased its dividend 26% and announced a new authorization to buy back up to $1 billion of its stock. It also delivered a stronger profit for its latest quarter than analysts expected, despite the drag of a slower housing market.
- Stocks of energy producers were also strong, benefiting from the rise in oil prices. Those in the S&P 500 rose 2% for the biggest gain by far among the 11 sectors that make up the index. Valero Energy climbed 5.2%, and Marathon Petroleum rose 4.2%. A 1.1% rise for Exxon Mobil was one of the strongest forces pushing the S&P 500 upward.
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