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Wall Street ekes out gains to close languid week

EconomyJun 11, 2021 06:56PM ET
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© Reuters. FILE PHOTO: The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid

By Stephen Culp

NEW YORK (Reuters) - U.S. stocks closed modestly higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected.

The Nasdaq gained the most among the three major indexes, while the bellwether S&P 500 squeaked its way to a second straight record closing high.

For the week, the S&P and the Nasdaq advanced from last Friday's close, while the Dow posted a small weekly loss.

The indexes have been range-bound, with few catalysts to move investor sentiment. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave.

"It’s a muted day today," Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. "The summer is settling in, people are slipping out of work early and there’s nothing in the news that’s going to materially drive the market in either direction."

"So, investors are going to wait until earnings season."

The Federal Reserve has repeatedly said that near-term price surges will not metastasize into lasting inflation, an assertion reflected in the University of Michigan's Consumer Sentiment report released on Friday, which showed inflation expectations easing from last month's spike.

Investors now turn their attention to the Fed's statement at the conclusion of next week's two-day monetary policy meeting, which will be parsed for clues regarding the central bank's timetable for raising key interest rates.

"Our view continues to be that inflationary data is transient and we will be around the 2% mark for the year," Pursche added.

Benchmark U.S. Treasury yields posted their biggest weekly drop in nearly a year, weighing on the interest-sensitive financial sector in recent sessions.

The Food and Drug Administration is facing mounting criticism over its "accelerated approval" of Biogen Inc (NASDAQ:BIIB)'s Alzheimer's drug Aduhelm without strong evidence of its ability to combat the disease.

Biogen shares ended down 4.4%, while the broader healthcare sector shed 0.7%.

The Dow Jones Industrial Average rose 13.36 points, or 0.04%, to 34,479.6, the S&P 500 gained 8.26 points, or 0.19%, to 4,247.44 and the Nasdaq Composite added 49.09 points, or 0.35%, to 14,069.42.

Among the 11 major sectors in the S&P 500, rebounding financial stocks and tech led the gainers, while healthcare suffered the biggest percentage drop.

Much of the trading volume this week was attributable to the ongoing social media-driven "meme stock" phenomenon, in which retail investors swarm around heavily shorted stocks.

But meme stock moves were more muted on Friday, with AMC Entertainment (NYSE:AMC) outperformed, gaining 15.4%.

Advancing issues outnumbered declining ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 1.70-to-1 ratio favored advancers.

The S&P 500 posted 33 new 52-week highs and one new low; the Nasdaq Composite recorded 108 new highs and 16 new lows.

Volume on U.S. exchanges was 9.11 billion shares, compared with the 10.56 billion average over the last 20 trading days.

Wall Street ekes out gains to close languid week
 

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Comments (10)
MK MK
MK MK Jun 11, 2021 2:55PM ET
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FED and USA is useless and weak. Sell USD to the ground
Michael Angelo
Michael Angelo Jun 11, 2021 12:15PM ET
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All news about the market are useless because are after the fact. Also when so called experts say something about what happened are justifying based on their personal portafolio. Don't waste your time and find real news not these ad Brain wash site.
John Miller
John Miller Jun 11, 2021 12:15PM ET
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by definition "news" is after the fact
Ciprian Gal
Ciprian Gal Jun 11, 2021 11:17AM ET
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buy cheap assets, not overinflated ones. value stocks (i.e, healthcare and pharma) are your best friend during inflation highs.
St Af
St Af Jun 11, 2021 11:15AM ET
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Red is Today's Colour.
St Af
St Af Jun 11, 2021 11:15AM ET
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Don't you experts have updates?
Stan Smith
Stan Smith Jun 11, 2021 11:00AM ET
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Inflation is still here and it will get worse...so why are the fears fading? its should be escalating!
niki velev
niki velev Jun 11, 2021 10:58AM ET
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so now every central bank prints noney, but nobody is afraid of the upcoming inflation. ... this will end very badly
Terence Williams
Terence Williams Jun 11, 2021 10:57AM ET
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The headline today about inflation fears subsiding..seriously ?
Kelly Mayer
Kelly Mayer Jun 11, 2021 10:24AM ET
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Massive selloff about to start?
Edward Chong
Edward Chong Jun 11, 2021 10:24AM ET
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ya .
Mitchel Pioneer
Mitchel Pioneer Jun 11, 2021 10:09AM ET
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More manufactured "gains" for the laughingstock of the financial world.
 
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