Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks mostly rise but Nasdaq falls; dollar backs off two-week high

EconomyMay 05, 2021 05:41PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A man walks past a stock quotation board at a brokerage in Tokyo, Japan February 26, 2021. REUTERS/Kim Kyung-Hoon 2/2

By Caroline Valetkevitch

NEW YORK (Reuters) - Stock indexes mostly rose globally on Wednesday, although the Nasdaq ended lower for the second day, while the U.S. dollar eased off its highest in more than two weeks.

The Dow hit a record high and the S&P 500 ended up slightly, supported by gains in energy and other economically sensitive sectors including materials and financials. The S&P 500 energy index ended up 3.3%.

Investors were positioning themselves ahead of Friday's U.S. monthly jobs report, expected to show that nonfarm payrolls increased by 978,000 jobs last month.

Tony Rodriguez, head of fixed income strategy at Nuveen, said it was possible Treasuries could move if the data varies much from forecasts.

"It would have to be closer to 1.2 million (in jobs gains) to have the market really feel like growth is accelerating at a pace that's a little above what people expected coming into this," Rodriguez said.

The Dow Jones Industrial Average rose 97.31 points, or 0.29%, to 34,230.34, the S&P 500 gained 2.93 points, or 0.07%, to 4,167.59 and the Nasdaq Composite dropped 51.08 points, or 0.37%, to 13,582.43.

The Nasdaq's move followed sharp declines on Tuesday, when technology-related shares added to losses after U.S. Treasury Secretary Janet Yellen said rate hikes may be needed to stop the economy from overheating. Yellen later said she was not "predicting or recommending" a near-term rate hike.

On Wednesday, Peloton Interactive (NASDAQ:PTON) Inc shares fell 14.6% on its announcement to recall its treadmills amid reports of multiple injuries and the death of a child in an accident.

The pan-European STOXX 600 index rose 1.82% and MSCI's gauge of stocks across the globe gained 0.29%.

Upbeat earnings and business activity in Europe boosted stock prices there. Data showed euro zone business activity quickened last month, while the services industry returned to growth.

India's Nifty 50 was 0.8% higher as the central bank rolled out measures to support the coronavirus-ravaged economy.

The dollar was near flat following softer-than-expected U.S. economic data. U.S. private payrolls rose by the most in seven months in April, ADP data showed, as companies boosted production to meet a surge in demand amid massive government spending and rising vaccinations. But the 742,000 private jobs created fell short of the 800,000 jobs expected by economists in a Reuters poll.

A separate report showed services industry activity eased in April from a record level in March, likely due to shortages of inputs as demand surged, data from the Institute for Supply Management showed.

The dollar index fell 0.007%, with the euro down 0.07% to $1.2004.

In the U.S. Treasury market, yields drifted lower as inflation expectations leaped to multi-year highs even as Fed officials downplayed the risk of a big rise in inflation.

The benchmark 10-year yield was last down 1 basis point at 1.5819%, holding below a 14-month high of 1.776% reached on March 30.

Oil ended little changed after two days of gains despite a sharp drawdown in U.S. crude stocks. Brent crude rose 8 cents to settle at $68.96 a barrel, while U.S. West Texas Intermediate (WTI) crude eased 6 cents to settle at $65.63.

Spot gold added 0.5% to $1,787.57 an ounce. U.S. gold futures gained 0.29% to $1,784.10 an ounce.

Stocks mostly rise but Nasdaq falls; dollar backs off two-week high
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Larry DeAngelis
Larry DeAngelis May 05, 2021 5:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Never learned hope was an investing principle. Especially for a year straight. Garbage!
Dave Jones
Dave Jones May 05, 2021 2:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Rally on hope and optimism triggers hope and optimism based on hope and optimism. Can we pick it up a bit guys? If you're going to billshut us at least come up with something original
William Bailey
William Bailey May 05, 2021 1:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Not enough cash flows into markets to maintain them unles Fed does more trillion dollar helicopter drops soon
Jacob Steinschlag
Jacob Steinschlag May 05, 2021 12:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
whenever the word inflation comes into play, the dollar rises and gold drops. cause we're of cause talking about gold inflation and not dollar inflation. obviously.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email