S&P Dips After Record Highs

But Dow rises modestly
By Newser Editors and Wire Services
Posted Jul 15, 2021 3:07 PM CDT
S&P Dips After Record Highs
Trader Robert Charmak works on the floor of the New York Stock Exchange July 12, 2021.   (AP Photo/Richard Drew)

Wall Street had a mixed day on Thursday as investors continue to be focused on where the economy is headed and also on the latest company earnings reports. The Dow rose 53 points to 34,987, but the benchmark S&P 500 fell 14 points to 4,360, and the tech-heavy Nasdaq fell 101 points to 14,543. All the major indexes are coming off record highs earlier in the week. Technology and communications stocks fell and were the biggest weight on the market Thursday. Banks, which have been reporting mostly solid financial results, fell as bond yields moved lower, per the AP. That includes the 10-year Treasury note, a benchmark for interest rates on consumer loans. Lower interest rates make mortgages and other loans less profitable for banks.

More companies reported their latest quarterly earnings. Progressive fell 2.7% after the insurance company’s results fell far short of analysts’ forecasts. Morgan Stanley dropped 0.7% despite reporting a 10% rise in quarterly profits from a year earlier. Investors are also trying to determine how the economic recovery will play out for the rest of the year as the world tries to get back to normal with COVID-19 waning, but still lingering. “There’s a big question mark around COVID-19 shifting from an acute to a chronic condition for the global market,” said Rod von Lipsey, managing director at UBS Private Wealth Management.

(More stock market stories.)

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