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Dow, S&P 500 Hit New Highs as Inflation Eases

But Nasdaq lagged behind
By Newser Editors and Wire Services
Posted Aug 11, 2021 3:58 PM CDT
Nasdaq Lags Behind as Dow, S&P 500 Hit New Highs
Trader Michael Conlon works on the floor of the New York Stock Exchange, Tuesday, Aug. 10, 2021.   (AP Photo/Richard Drew)

(Newser) – Stocks closed mostly higher on Wall Street Wednesday, marking more records for the S&P 500 and the Dow Jones Industrial Average. Weakness in some technology stocks helped pull the Nasdaq composite slightly lower. The S&P 500 climbed 0.2% and the Dow added 0.6%. Investors got some better news on inflation when the Labor Department reported that consumer prices rose 0.5% from June to July, down from the previous monthly increase of 0.9%. Energy prices rose, sending the price of benchmark US crude oil up 1.4%. The yield on the 10-year Treasury note slipped to 1.33%. The S&P 500 rose 10.95 points, or to 4,447.70. The Dow Jones Industrial Average rose 220.30 points, or 0.6%, to 35,484.97. The Nasdaq fell 22.95 points, or 0.2%, to 14,765.14.

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Year over year, consumer prices have increased a substantial 5.4%, though most of the rise in consumer prices has been tied to very specific goods that are not expected to impact the long-term health of the economy, like used cars, building materials, and hotel rooms, the AP reports. Investors had a mix of earnings and corporate news to review. Coinbase, a platform where traders can buy and sell digital currencies like Bitcoin, rose 2.8% after reporting strong growth in the last quarter. Weight-loss program operator WW International plunged 25.5% after reporting disappointing second-quarter financial results, while hamburger chain Wendy's rose 2.9% after raising its profit forecast for the year and increasing its dividend. Online auction and retail giant eBay will report its results after the closing bell Wednesday.

(Read more stock market stories.)

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