Wall Street yo-yoed to a mixed finish Wednesday as rising oil prices and bond yields cranked up the pressure even higher on the stock market.
The S&P 500 inched up by less than 0.1% after taking several U-turns through the day. The Dow Jones Industrial Average fell 68 points, and the Nasdaq composite rose 0.2%.
After more than a decade where the Federal Reserve would often cut rates in order to help the economy, still-high inflation is now discouraging the Fed from lowering rates quickly. It’s already raised its main interest rate to the highest level since 2001, and it indicated last week it will cut rates by less in 2024 than earlier expected.
Even so, the “Fed won’t be overly reactive” to drops in stock prices because the overall economy remains solid, the strategists led by Mark Cabana wrote in a BofA Global Research report. Recent jumps in oil prices have likewise turned up the heat on inflation, and crude climbed further Wednesday. Costco Wholesale was another winner, rising 2.2% after it reported stronger profit for the latest quarter than analysts expected.
A shutdown would furlough millions of federal employees, leave the military without pay, disrupt air travel and cut off vital safety net services. Stock prices have managed through past shutdowns relatively well, but conditions may be a little different this time.
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