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Market Recovery Fizzles by Closing Bell

S&P 500, Dow dropped but Nasdaq rose
By Newser Editors and Wire Services
Posted Sep 21, 2021 3:40 PM CDT
Uber Jumps 11.5% on Mixed Day for Markets
Uber jumped 11.5% after telling investors that it could post an adjusted profit this quarter.   (AP Photo/Nam Y. Huh, File)

(Newser) – Major indexes ended mixed on Wall Street Tuesday after spending much of the day wobbling between gains and losses. For parts of the afternoon the market had looked like it would recoup some of the losses it took in a big pullback a day earlier, but by the closing bell even those gains had mostly fizzled, the AP reports. The S&P 500 ended down a bit less than 0.1%, and the Dow Jones Industrial Average fell 0.1%. Gains for some tech companies helped nudge the Nasdaq up 0.2%. The yield on the 10-year Treasury edged up to 1.32%.

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Uber jumped 11.5% after boosting its third-quarter financial outlook, per CNBC. Roughly 56% of stocks rose in the benchmark S&P 500 index, with technology companies accounting for a big slice of the gains. Apple rose 0.7%. The sector was the biggest decliner in a broad sell-off on Monday. Health care companies also helped lift the market. Johnson & Johnson rose 0.8% after reporting that a booster of its one-shot coronavirus vaccine provides a stronger immune response months after people receive a first dose.

The market sell-off on Monday was prompted in part by worries about heavily indebted Chinese real estate developers and the damage they could do if they default and send ripple effects through markets. Wall Street is also gauging how the recovery's slowdown will impact the Fed's policies that have helped support the market and economy. The central bank will release a policy statement on Wednesday, which will be closely watched for any signals on how it will eventually reduce its bond purchases that have helped keep interest rates low. (Read more stock market stories.)

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