Stock Market Overview
Thu, Apr 18th, 2024
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Stocks Finish Lower on Hawkish Fed and Rising Bond Yields
Barchart - Thu Apr 18, 3:41PM CDT
The S&P 500 Index ($SPX) (SPY) Thursday closed down -0.22%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.06%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.57%.Â
US stock indexes gave up early gains on Thursday and settled mixed, with the S&P 500 and Nasdaq 100 posting 1-3/4 month lows. Rising T-note yields on Thursday pressured stocks. Hawkish Fed comments pushed bond yields higher and undercut stocks when NY Fed President Williams and Atlanta Fed President Bostic said the Fed is in no hurry to lower interest rates. Also, weakness in chip stocks for the second session weighed on the overall market.Â
Stocks found some support on Thursday’s mostly better-than-expected US economic reports, which bolstered the prospects for a soft landing. Also, Thursday's better-than-expected quarterly earnings from Elevance Health boosted health insurance stocks and kept the Dow Jones Industrials in positive territory.Â
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Stock market today: Wall Street drifts to a mixed finish as yields tick higher
AP - Thu Apr 18, 4:47PM CDT
U.S. stock indexes drifted to a mixed close following more reports showing the economy remains stronger than expected
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