Skip to main content

Churning stocks edge higher after reaching record highs

Tuesday, April 6, 2021 | Damian J. Troise, AP Business Writer


In this Nov. 23, 2020 file photo, the New York Stock Exchange is seen in New York. Stocks are opening lower on Wall Street, pulling major indexes slightly below the record highs they reached a day earlier. The S&P 500 fell 0.2% in the early going Tuesday, April 6, 2021. (AP Photo/Seth Wenig, File)

U.S. stocks edged higher on Wall Street in midday trading Tuesday but continued churning as investors shifted to a more cautious mood a day after the market reached its most recent record high.

Financial stocks slipped as bond yields eased, countering gains from companies that are depending on continued economic growth to recover. Losses in the technology sector eased, helping lift some of the weight holding down the broader market.

The S&P 500 index rose 0.2% as of 11:46 a.m. Eastern. Stocks within the index were nearly evenly split between gainers and losers. The Dow Jones Industrial Average fell 30 points, or 0.1%, to 33,497 and the Nasdaq rose 0.5%.

Much of the churn within the market is occurring as Wall Street assesses the health and speed of the economic recovery. Investors have been weighing concerns about higher inflation as the economy grows, along with expectations that retailers and other service sector stocks will make solid gains as the world moves past the pandemic and returns to some semblance of normalcy.

Gap rose 2.7%, while Wynn Resorts rose 2.3%.

Bond yields fell. The yield on the 10-year Treasury slipped to 1.67% from 1.72% late Monday. That helped pull banks lower, as they rely on higher yields to charge more lucrative interest on loans. JPMorgan Chase fell 1.1%.

The International Monetary Fund expects global economic growth to accelerate this year as vaccine distribution ramps up and the world rebounds. The 190-country lending agency said it expects the world economy to expand 6% in 2021, up from the 5.5% it had forecast in January. That would be the fastest expansion in IMF records dating back to 1980.

The Labor Department in the U.S. reported that job openings reached the highest level on record in February, a harbinger of healthy hiring and a hopeful sign for those looking for work. That upbeat report follows encouraging reports over the last week on job growth and improvements in the services sector, which is one of the hardest hit areas of the economy from the pandemic.

Swiss bank Credit Suisse said it expects a $4.7 billion loss related to a default of by a U.S. hedge fund. Two top executives are leaving the bank. Credit Suisse also suspended a stock buyback program and cut its dividend. The bank's U.S.-listed shares, which already fell sharply last week after initial news of the default came out, were little changed on Tuesday.

In Europe, France's CAC 40 climbed 0.5%, while Germany's DAX rose 0.8% and Britain's FTSE 100 rose 1.3%. Markets in Asia were mixed.

Featured Article: Trading Halts Explained


7 Precious Metals Stocks That Will Keep Your Portfolio On Trend

The growing acceptance of cryptocurrency is beginning to make mainstream investors rethink their idea of “store of value.” The trendy possibilities of Bitcoin, Ethereum, and any of the dozens of altcoins that exist on the blockchain are trending like the latest fashion.

However, the thing about fashion is that the more things change the more things stay the same. Just like the simple black dress that won’t go out of fashion, the same can be said for precious metals stocks. One way to think about it would be to say that the existence of a growing cryptocurrency market doesn’t change the value of precious metals.

Precious metals have long been known to be a safe-haven asset in times of market volatility and economic crisis. In fact, during the Covid-19 pandemic, gold prices surged about 30% breaking the $2,000 mark for the first time in its history. This was at a time when the prices of many cryptocurrencies were falling.

And precious metals have also been seen as a hedge against inflation, which seems like more of a certainty with the Federal Reserve’s pledge to keep interest rates at historically low rates into 2023.

Whether you’re looking to take your first steps at crafting a precious metals portfolio or if you want to fine-tune the one you have, we believe this special presentation is a good place to start your research. We’ve identified seven precious metals stocks that look to retain their allure in 2021.

View the "7 Precious Metals Stocks That Will Keep Your Portfolio On Trend".


Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
JPMorgan Chase & Co. (JPM)2.5$164.01flat2.19%21.44Buy$147.99
Compare These Stocks  Add These Stocks to My Watchlist 

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.