Wall Street’s rally got back on track Wednesday after more gains for big technology stocks helped pull the Standard & Poor’s 500 index to its sixth gain in seven days.
Wednesday’s up-and-down trading was reminiscent of the market’s moves over the last month, when Wall Street has largely churned in place. Optimism is rising about a reopening economy, but worsening coronavirus infection levels across much of the U.S. South and West threaten to derail the budding economic improvements.
Roughly 2 in 5 stocks in the S&P 500 fell Wednesday, with several chemical and construction-related companies taking the hardest hits.The mixed trading follows Tuesday’s snapback, when the S&P 500 fell 1.1% to break a five-day winning streak. The selling accelerated late in the day, and analysts say investors were probably cashing in on recent gains given the uncertainty that lies ahead for markets.
Gold for delivery in July rose $11.30 to $1,815.50 an ounce. The more actively traded contract for August delivery neared $1,830 during the day, the highest level since September 2011.Gold’s price tends to rise with worries about the economy and inflation, and it has climbed more than $300 since mid-March. Its rise, alongside the stock market’s rally, highlights for critics the disconnect between Wall Street and the economy.
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