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S&P 500, Dow gain amid inflation concerns, debt ceiling debate

Economy Sep 29, 2021 06:53PM ET
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© Reuters. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri
 
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By Stephen Culp

NEW YORK (Reuters) - Wall Street ended firmer on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping a lid on gains.

The S&P 500 index and the Dow Jones Industrial Average advanced, but the Nasdaq Composite closed lower as Treasury yields halted their ascent. Defensive sectors took the lead as investors sought stability in the volatile market.

All three remain on course to post monthly declines, with the bellwether S&P 500 snapping a seven-month winning streak.

"The same story we've seen for a couple of weeks," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York.

"Investors are concerned about three things: the eventual taper of bond purchases by the Fed, ongoing inflation with Chairman Powell saying it's going to stick around longer than initially expected, and the debt ceiling issue that congress is grappling with."

Powell, speaking at a European Central Bank event, expressed frustration over persistent supply chain woes which could keep inflation elevated for longer than expected.

The stock market strengthened following his remarks.

"Powell has been very good at delivering the news officially that everyone knows is coming," Pursche said.

Wrangling continued on Capitol Hill over funding the government as the Friday deadline to prevent a shutdown approached, with mounting concerns over a U.S. credit default.

U.S. Treasury yields paused after a runup in recent days as the debt ceiling debate unfolded in Washington.

The Dow Jones Industrial Average rose 90.73 points, or 0.26%, to 34,390.72; the S&P 500 gained 6.83 points, or 0.16%, at 4,359.46; and the Nasdaq Composite dropped 34.24 points, or 0.24%, to 14,512.44.

Of the 11 major sectors in the S&P 500, materials suffered the largest percentage drop, with utilities leading the way with a 1.3% gain.

Boeing (NYSE:BA) Co provided the biggest lift to the Dow following China's aviation regulator's successful 737 MAX test. The planemaker's shares rose 3.2%.

Discount retailer Dollar Tree Inc (NASDAQ:DLTR) jumped 16.5% after increasing its buyback authorization by $1.05 billion to $2.5 billion.

Drugmaker Eli Lilly & Co (NYSE:LLY) gained 4.0% on Citigroup (NYSE:C)'s rating upgrade to "buy" from "neutral."

Advancing issues outnumbered decliners on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.34-to-1 ratio favored decliners.

The S&P 500 posted seven new 52-week highs and two new lows; the Nasdaq Composite recorded 38 new highs and 151 new lows.

Volume on U.S. exchanges was 11.42 billion shares, compared with the 10.45 billion average over the last 20 trading days.

S&P 500, Dow gain amid inflation concerns, debt ceiling debate
 

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Comments (9)
John Klan
John Klan Sep 29, 2021 1:55PM ET
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wow the censored the first part of the word...screwdriver in my last post. Unbelievable
John Klan
John Klan Sep 29, 2021 1:53PM ET
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How could Biden ****up so many things in such a short amount of time?
Warren Wesley
Warren Wesley Sep 29, 2021 1:53PM ET
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unbelievable
Warren Wesley
Warren Wesley Sep 29, 2021 1:53PM ET
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an experienced politician? tax tax tax experiment experiment experiment. how many years of failure can America suffer below solutions are voted in?
Mike Wellons
Mike Wellons Sep 29, 2021 1:53PM ET
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Hmmm, I thought a surging economy with low unemployment driving inflation was a good thing. As well as getting the pandemic under control, and ending an endless war. The covid case rate is about to crash, just watch over the next 3-4 weeks.
Millennial Metals
Millennial Metals Sep 29, 2021 1:53PM ET
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I am selling all my stocks and buying gold
Ronald Warren
Ronald Warren Sep 29, 2021 1:30PM ET
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If this is the dead cat. NASDAQ loses 2% tomorrow.
John Klan
John Klan Sep 29, 2021 1:30PM ET
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no ,it didn't need to bounce off the 4350 level today it just needed to hold it.
Kojo Isaac
Kojo Isaac Sep 29, 2021 1:07PM ET
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good one
Matt Brackley
Matt Brackley Sep 29, 2021 11:58AM ET
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keep buying tech;)
Mitchel Pioneer
Mitchel Pioneer Sep 29, 2021 11:43AM ET
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Another magic show by the laughingstock of the investing world.
Ron Love
Ron Love Sep 29, 2021 9:10AM ET
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Maybe not, the weenie babies seem to be gathering strength premarket.
Dhiraj Kothari
Dhiraj Kothari Sep 29, 2021 8:41AM ET
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last week fed commented to stay on course for the planned hikes, and the markets jumped. subsequently, bond yields inched higher some time later, and now the cry of rate hikes....as in why not cry last week itself!! ??
Michael Brown
Michael Brown Sep 29, 2021 8:41AM ET
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rates hike wont be likely until july 22 they will have tine to selloff most of their bonds they have bought enough money to make back from their policy they threw to the market to this year
Ron Love
Ron Love Sep 29, 2021 8:41AM ET
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Bro, I still see FUD news articles on Evergrande despite Powell saying last week that it would have little ro no effect on US companies or banks.
mad god
mad god Sep 29, 2021 8:41AM ET
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Ron Love  Guys, just look at the MA, time frame and indicators, all clues have been there since few weeks ago.
 
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