Dollar Tree Was Among Day's Biggest Winners

Markets regroup after Tuesday sell-off
By Newser Editors and Wire Services
Posted Sep 29, 2021 4:01 PM CDT
Markets Regroup After Tuesday Sell-Off
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Sept. 29, 2021.   (AP Photo/Richard Drew)

Stocks ended a wobbly day with mixed results on Wall Street Wednesday as the market regrouped following a sharp drop a day earlier. The S&P 500 and the Dow Jones Industrial Average held on to modest gains, but the Nasdaq gave back 0.2%. Treasury yields stabilized, a welcome sign for investors who had been spooked by a sharp increase in yields over the previous week, the AP reports. The yield on the benchmark 10-year Treasury note, which is used to set interest rates on many kinds of loans, held at 1.53%. The S&P 500 rose 6.83 points, or 0.2%, to 4,359.46. The Dow Jones rose 90.73 points, or 0.3%, to 34,390.72. The Nasdaq fell 34.24 points, to 14,512.44.

Health care companies and a mix of companies that focus on consumer products accounted for a big share of the gains in the S&P 500. Eli Lilly rose 3.9% and Procter & Gamble added 1%. Technology stocks also helped lift the market, a day after leading the pullback. Apple rose 0.6% and and IBM rose 1.6%. Dollar Tree rose 16.5% after announcing plans to sell some items for more than $1. The broader market is still on track for a disappointing September. The benchmark S&P 500 is headed for a 3.4% loss and its first losing month since January.

Investors are still closely watching the Federal Reserve to gauge how the slowdown in economic growth will impact the speed of its plan to eventually ease its exceptional support for the economy. Wall Street is also preparing for the next round of corporate earnings in the next few weeks. Investors will get a more detailed look at how supply chain problems and higher costs are impacting corporate finances. A wide range of companies have been warning investors about the impact of inflation on costs and profits. Nike, Costco, and FedEx are among those that have cited materials costs, shipping delays, and labor problems as concerns. (More stock market stories.)

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