Stocks barely budge on Wall Street; S&P 500 just shy of high

[Omaha Steve]

Source: AP

By STAN CHOE and DAMIAN J. TROISE

NEW YORK (AP) — Stock indexes barely budged on Wall Street Friday, leaving the S&P 500 just shy of its record once again.

The S&P 500 edged down 0.58 points, or less than 0.1%, to 3,372.85 after drifting between small gains and losses throughout the day. They’re the latest meandering moves for the market, which has taken a pause after erasing almost all of the steep losses caused by the coronavirus pandemic.

In each of the prior two days, the S&P 500 made a brief run above its record closing high, which was set in February, only to fade in the afternoon. It remains within 0.4% of its record.

Wall Street was nearly evenly split between stocks that rose and fell, and the moves were almost uniformly modest. The Dow Jones Industrial Average inched up 34.30 points, or 0.1%, to 27,931.02, while the Nasdaq composite dipped 23.20, or 0.2%, to 11,019.30.



FILE - In this July 21, 2020 file photo, people walk by the New York Stock Exchange. Stocks are drifting in early Friday, Aug. 14, trading on Wall Street after a report showed that sales for U.S retailers strengthened again last month, but by less than economists expected. (AP Photo/Mark Lennihan, File)


Read more: https://apnews.com/c0bf0eab6ed9f26fa335a12d32dbbf14

[Marthe48]

1. Sure helps the 1%

Doesn't do anything for the rest of Americans. Too bad it is the only light on a dark financial tunnel.
Ty for posting.

[brooklynite]

2. Sure helps the Union pension funds...

[MichMan]

5. Also people's 401k accounts

[Marthe48]

7. Even so

I can't tell you how many of my husband's co-workers either died before they started collecting their pensions, or like my husband, collected for a few years and died. Just went to a graveside service 2 weeks ago for one of my husband's friends.

My husband set up his retirement and got less than the full amount, so that if he died ahead of me, I would continue getting half of what he received. The aluminum plant he worked at closed over 10 years ago, so I doubt there's a chance for the younger employees to see their share of that retirement plan.

OTOH, the 1% see immediate benefit from a healthy stock market, in the here and now. So that's why my sour grapes. Workers who drive the success of the companies that sell the stocks don't see much payback when they need it in the present. So while the 1% is out playing golf, workers are scared they will lose what they have, or hope they have a pension in the future.

[calguy]

3. Was a slow tough day trading futures

About a 15 range all day on the ES. I did manage to get 5.5 of profit, but I turned off my puter around noon and started my weekend early. Most of the effect happened overnight when China reported weak retail sales numbers.

[yaesu]

4. still on that 9 trillion printed dollar sugar high while people are losing their homes. nt

[Marthe48]

6. yes, exactly

:/

[Delphinus]

8. Can anyone help me understand this?

HUGE STORY not getting much press. First time in USA history, the USA gov't controls stock prices. The Fed and Mnuchin are buying $1,250,000,000,000 (yep Trillions) of corporate bonds resulting in spikes in the stock prices of those companies."

(took off Twitter)