Stocks close mixed as regulators seek pause in Johnson & Johnson vaccine
A choppy day of trading on Wall Street ended with indexes mixed Tuesday as a drop in bond yields hurt bank stocks but helped big technology companies.
Some of Disneyland’s rides and attractions, such as the Matterhorn Bobsleds, will still be shut, but Haunted Mansion, Pirates of the Caribbean and Star Wars: Rise of the Resistance are slated to be available.The broader market has been mostly notching gains this month, reflecting cautious optimism among investors that the economy will strengthen and corporate profits will improve as the distribution of COVID-19 vaccines paves the way for businesses to more fully reopen. A pause in the distribution of the Johnson & Johnson vaccine isn’t going to derail that, analysts said.
The S&P 500 rose 13.60 points to 4,141.59. The Dow Jones industrial average fell 68.13 points, or 0.2%, to 33,677.27. The Nasdaq gained 146.10 points, or 1.1%, to 13,996.10.The divergence between the Dow and Nasdaq was largely due to the fact that the Dow has more bank stocks and also includes Johnson & Johnson, whereas the Nasdaq is heavily weighted with technology companies.
AdvertisementSmall-company stocks also lost ground. The Russell 2000 index of smaller companies gave up 4.86 points, or 0.2%, to 2,228.92.The yield on the 10-year U.S. Treasury fell to 1.62% from 1.67% the day before. JPMorgan Chase fell 1.2%, and Wells Fargo lost 2.4%. headtopics.com
Investors will get a chance to look over the books of the big banks starting Wednesday, when JPMorgan Chase and Wells Fargoreport their quarterly results. Bank of America and Citigroup report their results Thursday.Big technology stocks, which have fallen when bond yields have risen, closed solidly higher. Apple rose 2.4%, and Microsoft gained 1%. Technology stocks rose sharply in 2020 as investors bet that stay-at-home Americans would shift even more to online buying and electronic entertainment to keep themselves busy in the pandemic.Read more: Los Angeles Times »
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