NATIONAL NEWS

Stocks Notch Modest Gains And A 3rd Winning Week For S&P 500

Jun 11, 2021, 4:09 PM
FILE (Photo by Spencer Platt/Getty Images)...
FILE (Photo by Spencer Platt/Getty Images)
(Photo by Spencer Platt/Getty Images)

(AP) — Wall Street closed out a mostly listless week Friday with a wobbly day of trading that helped nudge the S&P 500 to its third straight weekly gain.

The benchmark index edged up 0.2% after spending much of the day in the red. The small uptick was enough to lift the S&P 500 to an all-time high for the second day in a row.

Technology companies and banks accounted for much of the upward move. The gains were offset by a broad slide in health care, energy and real estate stocks. Bond yields were mixed.

With the exception of select “meme” stocks like GameStop and AMC Entertainment hyped by individual investors in online forums, the broader market was relatively quiet this week. Investors remain in wait-and-see mode ahead of the Federal Reserve’s upcoming meeting of policymakers Wednesday.

Wall Street is keen for clues about how much of a threat the central bank deems rising inflation as the economy emerges from its pandemic-induced recession, and whether the Fed has begun considering beginning to taper its support for the economy.

“No one is suggesting that it will be at this meeting, but the market is poised for the Fed to at least even tangentially suggest that they’re discussing” tapering, said Quincy Krosby, chief market strategist at Prudential Financial.

The S&P 500 rose 8.26 points to 4,247.44. The Dow Jones Industrial Average added 13.36 points, or less than 0.1%, to 34,479.60. The Nasdaq gained 49.09 points, or 0.4%, to 14,069.42. The tech-heavy index also notched a weekly gain.

Investors bid up shares in smaller company stocks. The Russell 2000 index picked up 24.40 points, or 1.1%, to 2,335.81. The index is up 18.3% this year, outgaining the S&P 500’s advance of 13.1% and the Nasdaq’s 9.2% gain.

Among the winning technology and financial stocks were chipmaker Nvidia, which rose 2.3%, and Wells Fargo, which gained 1.3%. Several retailers also rose. V.F. Corp., maker of Vans shoes and other apparel, climbed 4.7% for the biggest gain in the S&P 500, while Gap rose 3.2% and L Brands gained 2.3%.

Traders dumped shares in several health care companies after they issued disappointing development updates. Vertex Pharmaceuticals dropped 11% after telling investors it will end development of a potential treatment for a genetic condition that targets the liver. Incyte fell 5.7% as its potential eczema cream ruxolitinib faces a delayed regulatory review. The two stocks topped the list of decliners in the S&P 500.

Investors were relieved to see Thursday that a much-anticipated report showed that a big rise in consumer-level inflation last month was mostly attributed to temporary factors. That could mean less pressure on the Fed to pull back on its measures supporting the economy.

“You kind of have this notion that worries about inflation from the investor base might have peaked,” said Ross Mayfield, investment strategist at Baird.

A significant share of May’s rise in consumer prices was tied to the sale of used cars, which is largely attributed to purchases by rental car companies beefing up their fleets as people return to traveling.

Bond yields were mixed Friday, though the yield on the closely watched 10-year Treasury note was trading at 1.46%, down from 1.57% a week ago. Yields have been mostly headed lower this week despite reports showing more strength in the economy and possible signs of inflation.

KSL 5 TV Live

Top Stories

National News

People attend a candlelight vigil in memory of Tyre Nichols at the Tobey Skate Park on January 26, ...
Simone Seikaly, KSL NewsRadio

Utah safety officials, NAACP, react to death of Tyre Nichols

The Utah Department of Public Safety together with the Salt Lake Branch of the NAACP have called the death of Tyre Nichols a "despicable act of violence and inhumanity."
17 hours ago
Holding on to their secret and each other, mother and son set out to reclaim their sense of home, i...
LINDSEY BAHR AP Film Writer

‘A Thousand and One’ wins Sundance grand jury prize

"A Thousand and One," a drama about an impoverished single mother and her son in New York City, won the Sundance Film Festival's grand jury prize in the U.S. dramatic competition, while "Going to Mars: The Nikki Giovanni Project" was awarded the top prize in the U.S. documentary category.
17 hours ago
(City of Boulder Open Spaces and Parks/Instagram)...
Josh Ellis

Say ‘cheese’: Colorado bear uses wildlife camera to take 400 ‘selfies’

A black bear in Colorado is going viral after snapping hundreds of photos in front of a wildlife camera.
17 hours ago
Comet C/2022 E3 (ZTF) was discovered by astronomers using the wide-field survey camera at the Zwick...
Marcia Dunn, AP Aerospace Writer

Green comet zooming our way, last visited 50,000 years ago

A comet is streaking back our way after 50,000 years. NASA says the dirty snowball last visited during Neanderthal times.
17 hours ago
RowVaughn Wells speaks to attendees during a candlelight vigil for her son Tyre Nichols at the Tobe...
Adrian Sainz and Rebecca Reynolds

DA: 5 Memphis cops ‘all responsible’ for Tyre Nichols’ death

Five fired Memphis police officers were charged Thursday with murder and other crimes in the killing of Tyre Nichols.
17 hours ago
Taylor Goodridge...
Tyler Kingkade, NBC News

Utah boarding school ignored teen’s sickness complaints before she died, ex-staff say

A Native American teenager who died while attending a Utah boarding school for at-risk youth had been sick in the weeks beforehand, but staff had been trained to assume students would lie about being ill and did not try to bring her to the hospital until the day she died, former staff members said in interviews. 
2 days ago

Sponsored Articles

Fiber Optical cables connected to an optic ports and Network cables connected to ethernet ports...
Brian Huston, CE and Anthony Perkins, BICSI

Why Every Business Needs a Structured Cabling System

A structured cabling system benefits businesses by giving you faster processing speeds and making your network more efficient and reliable.
notebook with password notes highlighted...
PC Laptops

How to Create Strong Passwords You Can Actually Remember

Learn how you can create strong passwords that are actually easy to remember! In a short time you can create new ones in seconds.
house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 Reasons You May Want to Consider Apartment Life Over Owning a Home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Festive kitchen in Christmas decorations. Christmas dining room....
Lighting Design

6 Holiday Decor Trends to Try in 2022

We've rounded out the top 6 holiday decor trends for 2022 so you can be ahead of the game before you start shopping. 
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to Choose What MBA Program is Right for You: Take this Quiz Before You Apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Diverse Group of Energetic Professionals Team Meeting in Modern Office: Brainstorming IT Programmer...
Les Olson

Don’t Let a Ransomware Attack Get You Down | Protect Your Workplace Today with Cyber Insurance

Business owners and operators should be on guard to protect their workplace. Cyber insurance can protect you from online attacks.
Stocks Notch Modest Gains And A 3rd Winning Week For S&P 500