US Stocks Mixed; Banks, Energies Rise 09/27 09:47
Stocks were mixed in early trading on Wall Street Monday as technology
stocks fell and offset gains for banks and energy companies.
(AP) -- Stocks were mixed in early trading on Wall Street Monday as
technology stocks fell and offset gains for banks and energy companies.
The S&P 500 index fell 0.2% as of 10:09 a.m. Eastern. The Dow Jones
Industrial Average rose 214 points, or 0.6%, to 35,012 and the tech-heavy
Nasdaq fell 0.8%.
The benchmark S&P 500 had more gainers than losers. Banks made solid gains
as bond yields continued climbing, which allows them to charge higher interest
rates on loans. The yield on the 10-year Treasury rose to 1.47% from 1.46% late
Friday. Bank of America gained 2.8%.
Oil prices rose 2.2% and supported gains for energy stocks. Exxon Mobil rose
The technology sector, which carries an outsized weight within the S&P 500,
slumped 1.1% overall. Apple fell 1.4% and Microsoft fell 1.5%.
A measure of small-company stocks did better than the major indexes in a
sign that investors were still confident about future economic growth. The
Russell 2000 index rose 1%.
Markets have had a choppy month so far and the S&P 500 is on pace to shed
1.5% in September, which would mark the first monthly loss since January.
Investors have been trying to gauge just how much room the economy has to grow
amid waves of COVID-19 crimping consumer spending and job growth while
inflation remains a concern.
The economic recovery started strong in 2021, but analysts and economists
have been tempering their forecasts for the rest of the year. In a survey being
released Monday, the National Association for Business Economics found that its
panel now expects full-year economic growth of 5.6%, down from a forecast for
6.7% growth in NABE's previous survey in May. However, economists raised their
forecast for 2022 economic growth to 3.5% from a previous outlook of 2.8%.
Markets in Europe edged higher while Asian markets were mixed.