NEW YORK, June 29 —The S&P 500 and the Nasdaq were flat in volatile trading today on worries over faster interest rate hikes even as recent data painted a dour picture for the economy, while a boost from Goldman Sachs shares kept the Dow afloat.
"That was part of the reason why you got a little bit of a lift in the market over the past week, although it seems to be fading because the weakness that preceded the decline to the mid June lows brought equity allocations lower than their targets," said Liz Ann Sonders, chief investment strategist at Charles Schwab & Co.
San Francisco Fed President Mary Daly and New York Fed President John Williams also backed further rapid interest rate hikes on Tuesday and pushed back against fears that sharply higher borrowing costs will trigger a steep downturn. At 10:28 a.m. ET the Dow Jones Industrial Average was up 95.03 points, or 0.31 per cent, at 31,042.02, the S&P 500 was up 0.97 points, or 0.03 per cent, at 3,822.52 and the Nasdaq Composite was down 8.27 points, or 0.07 per cent, at 11,173.27.
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