The S&P 500 Index ($SPX) (SPY) Wednesday closed up +0.11%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.21%.
Stock indexes on Wednesday settled mixed, with the Dow Jones Industrials falling to a 2-week low. Stocks recovered from early losses Wednesday after bond yields fell back from early highs after the US Mar ISM services index unexpectedly declined. Also, price pressures eased after the Mar ISM services price paid sub-index fell more than expected to a 4-year low. Stocks and bonds also garnered support on dovish comments Wednesday from Fed Chair Powell, who reiterated that it would likely be appropriate for the Fed to lower interest rates “at some point this year.”
