NEW YORK - The S&P 500 closed down slightly on Wednesday but well above its session low after testimonies to U.S. Congress from trade and central bank officials as well as President Donald Trump’s former lawyer brought few major surprises.
The S&P had drifted gradually higher after hitting a session low around 10.30 a.m. and swerved in and out of positive territory in afternoon trading. Brian Belski, chief investment strategist at BMO Capital Markets in New York said that the market recovered when investors realize there would not be “some kind of bombshell out of Cohen’s testimony.”
Optimism on trade and Fed policy had boosted equities from December lows in recent weeks, with the S&P 500 index roughly 5 percent below its record closing high hit in late September. A 15 percent drop in Mylan NV shares was another drag after the generic drugmaker missed quarterly profit estimates and forecast weak 2019 earnings.
Declining issues outnumbered advancing ones on the NYSE by a 1.05-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.
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