Wall Street's record-breaking rally kept going Wednesday after weak reports on the US economy kept the door open for possible cuts to interest rates, per the AP.
- The S&P 500 rose 28 points, or 0.5%, to another record of 5,537.
- The Dow slipped 23 points, or 0.06%, to 39,308.
- The Nasdaq rose 159 points, or 0.9%, to another record of 18,188.
- Trading ended early Wednesday ahead of the July Fourth holiday.
Tesla again helped boost the market and rose 6.5% a day after reporting a milder drop in sales for the spring than analysts feared. It was one of the strongest forces pushing upward on the S&P 500, along with Nvidia. The darling of Wall Street's rush into artificial-intelligence technology climbed 4.6% to bring the chip company's gain for the year so far to 159%. The action was stronger in the bond market, where Treasury yields slid following a flurry of reports that came in weaker than expected on both the job market and US services companies. The data could keep the Federal Reserve on course to deliver the cuts to interest rates later this year that Wall Street desires.
One report said activity for businesses in the real estate, retail trade, and other US services industries contracted in June for just the third time in 49 months. The reading was weaker than economists' forecasts, which called for just a slowing of growth. Perhaps more importantly for Wall Street, the report from the Institute Supply Management also said prices were increasing at a slower pace. On Wall Street, Constellation Brands sank 3.3% after swinging between gains and losses during the day. The company behind Modelo beer and Robert Mondavi wines reported stronger profit for the latest quarter than expected, but its revenue came up just shy of financial analysts' forecasts.
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