labor market could deteriorate further, said Guy LeBas, chief fixed income strategist at Janney Capital Management in Philadelphia. labor market data showed new claims for jobless benefits, while elevated, declined modestly last week. Treasury yields were mostly higher and the yield curve steepened after U.S. The Dow Jones Industrial Average fell 12.37 points, or 0.04%, to 31,176.01. "There's concern about distribution of the vaccine." Today and yesterday were decidedly a growth market, especially big-cap tech plus," Ghriskey said. "It's a reverse of what's happened year-to-date through Tuesday. This year's early trend of investors piling into cyclical stocks has reverted to backing large-cap growth stocks that led last year's rally post-pandemic, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. The S&P 500 posted 24 new 52-week highs and the Nasdaq Composite recorded 215 new highs. While the benchmark S&P 500 and tech-centric Nasdaq moved higher, declining shares slightly outnumbered gainers. The pan-European STOXX 600 stock index ended flat after rising as much as 0.8% earlier in the session.Įnergy majors BP, Royal Dutch Shell and Total each fell more than 2% as oil prices slipped after industry data showed a surprise increase in U.S.
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