The Dow moved nearly 500 points during trading Wednesday before closing down 19 points, or .08 percent, at 24,893. The broader Standard & Poor’s 500-stock index didn’t move far off its baseline, closing down 13 points, or 0.5 percent. The tech-heavy Nasdaq struggled to stay in positive territory all day and lost 63 points, or 0.9 percent, by end of trading.
The yield on the 10-year Treasury bond rose Wednesday to close at 2.84 percent. The 10-year is a key indicator for the market because a 3 percent yield is looked upon by investors as a motive for people to flee the risk of stocks for the relative safety of bonds.
With more than half the S&P 500 through earnings season, 78.5 percent are besting their targets, a sign of strength in the economy.
Industrials and financials were the only positive sectors in the S&P 500. The big loser was energy, which dropped when oil prices plunged more than 2 percent.
Among the Dow’s top performers were Boeing, United Technologies and Walmart. Apple, Microsoft and Exxon Mobil were big drags on the blue-chip basket.
Japan’s Nikkei index and Hong Kong’s Hang Seng surged in early trading, then dropped, with the former closing up 0.16 percent and the latter closing down 0.89 percent.
By afternoon in Europe, indexes were also creeping upward, apparently buoyed by Wall Street’s turnaround Tuesday. The Pan-European Stoxx 600 was up by more than 1 percent. London’s FTSE and Frankfurt’s DAX also moved higher.