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Stocks Pull Back From Record Highs

Bond yield drop pulled banks down
By Newser Editors and Wire Services
Posted Apr 6, 2021 3:46 PM CDT

(Newser) – Stocks edged lower on Wall Street, pulling major indexes slightly below the record highs they reached a day earlier. The S&P 500 fell 0.1% Tuesday after wavering between gains and losses throughout the afternoon. Technology and health care stocks led the way lower. The churn that has been occurring within the market lately comes 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 retailers and other service sector stocks will make solid gains as the world moves past the pandemic, the AP reports. The S&P 500 fell 3.97 points to 4,073.94. The Dow Jones Industrial Average fell 96.95 points, or 0.3%, to 33,430.24. The Nasdaq fell 7.21 points, or 0.1%, to 13,698.38.

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Bond yields fell. The yield on the 10-year Treasury slipped to 1.65% from 1.72% late Monday, which helped pull banks lower, as they rely on higher yields to charge more lucrative interest on loans. That countered broader gains from companies that are depending on continued economic growth to recover. 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 retailers and other service sector stocks will make solid gains as the world moves past the pandemic and returns to some semblance of normalcy. Gap rose 3.4%, while Wynn Resorts gained 4.7%.

(Read more stock market stories.)

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