A choppy day of trading on Wall Street ended with stocks closing higher Wednesday, reversing much of the S&P 500′s modest pullback the day before. The benchmark index ended just under 0.2% higher after wavering between small gains and losses. Retailers and other companies that rely on consumer spending made solid gains. Communication and financial stocks also helped lift the market. The S&P 500′s gains were tempered by declines in health care, technology and other stocks. Smaller company stocks continued to outgain the rest of the market as they’ve done all year. Treasury yields mostly edged higher. ‘It’s really frustrating’:Worker shortages are putting more money in employees pockets but could slow the economy Markets have been bumpy over the last few days as investors move past a stellar corporate earnings season and await additional clues on economic growth and inflation, which has been rising. “That’s just going to be the state of the market environment for some time to come,” said Kristina Hooper, chief global market strategist at Invesco. The S&P 500 rose 7.86 points to 4,195.99. The Dow Jones Industrial Average, which turned 125 years old Wednesday, gained 10.59 points, or less than 0.1%, to 34,323.05. The blue-chip index swung between a gain of 97 points and a 41-point slide. The Nasdaq added 80.82 points, or 0.6%, to 13,738. The Russell 2000 index of smaller companies gained 43.52 points, or 2%, to 2,249.27.
Online retail giant Amazon is buying MGM, the movie and TV studio behind James Bond, “Legally Blonde” and “Shark Tank,” with the aim of filling its video streaming service with more shows to watch. The announcement left the stock little changed.
Markets in Europe were mixed and markets in Asia were broadly higher.