Stock market today: Wall Street ticks higher after the first of 2 big updates on inflation this week
Most U.S. stocks ticked higher amid mixed yields in the bond market, which has been the main driver of Wall Street’s moves recently
NEW YORK — U.S. stocks drifted higher in a quiet day of trading Wednesday as yields were mixed in the bond market, which has been the main driver of Wall Street’s moves recently.
The S&P 500 rose 18.71, or 0.4%, to 4,376.95 for its fourth straight gain. The Dow Jones Industrial Average added 65.57 points, or 0.2%, to 33,804.87, and the Nasdaq composite gained 96.83, or 0.7%, to 13,659.68. All three indexes moved between small gains and losses through the day.
Wall Street has been mostly struggling since the summer as longer-term yields shoot higher in the bond market, weighing on prices for all kinds of investments. Some relief has come this week, and yields have eased after officials at the Federal Reserve suggested they may be done raising their main overnight interest rate.
The yield on the 10-year Treasury fell to 4.56% from 4.66% late Tuesday and from more than 4.80% last week, when it reached its highest level since 2007. Besides hurting prices for investments, high yields have jacked up rates for mortgages and other loans, which saps momentum from the economy.
The stock market got a boost from that drop in longer-term yields, but it also felt a drag from rising shorter-term yields. The two-year Treasury yield, which moves more closely with expectations for the Fed, ticked up to 4.99% from 4.97%.
Yields were mixed after a report showed inflation at the wholesale level was stronger last month than economists expected. A report showing how much inflation U.S. households are facing will arrive on Thursday, and economists expect it to show a slowdown.
While the report on wholesale
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