The final trading day of a ho-hum week for equities on Wall Street
went to the bears. Some disappointing U.S. economic news and a mixed earnings performance from Corporate America likely were behind the profit taking, which saw selling pick up a bit over the final two hours of trading.
The U.S. stock market
put in a somewhat choppy session today, and ultimately ended on a mixed note. At the close of the session, the Dow Industrial Average was off just 10 points; the broader S&P 500 Index was also down three points; while the NASDAQ was ahead 21 points.
It was a nondescript day of trading on Wall Street
today, with the major equity averages never straying too far from the neutral line. The major indexes spent much of the first half of trading modestly higher, following an initial drop, with continued support coming in the form of dovish comments by Federal Reserve Chair Janet Yellen, who concluded her two-day testimony before Congress.
The buyers returned to the market today after a brief one-day hiatus. The bulls got a boost from what could be termed some dovish statements by Federal Reserve Chair Janet Yellen before Congress. Also helping were strong earnings from home-improvement giant Home Depot,
a decent reading on consumer confidence
, an uptick in home prices in December
, and some building sentiment that Greece’s government’s submitted list of reforms to its creditors will eventually lead to final approval for extended rescue loans for the struggling nation.
The major U.S. equity averages
, which began the final week of February at multiyear highs, never strayed too far from the neutral line, but they were in the red for most of the session and the selective selling did hold steady in the final hour.
turned around sharply today after a lackluster start when reports indicated a deal in Europe was in the works to loan Greece money so the debt-strapped nation could continue on as a member of the European Union. For the session, the Dow Jones Industrial Average rose 154 points; the NASDAQ tacked on 31 points; and the S&P 500 added 13 points.
The U.S. stock market
put in a mixed, and somewhat quiet, session today. At the close of trading, the Dow Industrial Average was off 44 points; the broader S&P 500 Index was down slightly; and the NASDAQ was higher by 18 points. The session had a neutral tone, as advancing and declining issues were about even on NYSE.
It was a ho-hum trading day on Wall Street
, with the major averages never straying too far from the neutral line. For much of the session, the bears were in charge, but their grip was loose, as most of the major equity groups were still trading in positive territory. In fact, the case for the bears was being made by weakness in the energy, financial, and telecommunications group.
ended up holding their own today, after a fresh wave of optimism regarding the bailout of Greece trumped earlier uncertainties. The moves weren’t big on the major exchanges, with the Dow Jones Industrial Average
rising 28 points; the NASDAQ
moving up five points; and the S&P 500 gaining three points. But the picture looked a lot worse in morning trading, when the Dow fell to an intraday loss of 68 points.
It was another winning week on Wall Street
for those long equities. Although the move higher was not as pronounced as what we saw during the prior five-day stretch, the major U.S. equity averages did continue their ascent, with some significant milestones reached along the way, a few of which were accomplished during today’s bullish session. (Advancing issues led decliners by a comfortable margin on both the Big Board and the NASDAQ.)