CLOSING BELL: August 8: DJIA: 13,175.64 | UP 7.04 | +0.05%
OIL: $93.35, DOWN 0.32, -0.34%
GOLD: $1,616.60, UP 3.20, +0.20%
GASOLINE (US Avg): $3.647, UP .009
Ryan Vlastelica, Reuters - The Standard & Poor’s 500 just barely extended a streak of gains to a fourth day on Wednesday, ending above 1,400 in another thinly traded session.
Expectations for stimulus from the European Central Bank and the U.S. Federal Reserve triggered the recent gains, but investors found little reason to keep pushing stocks higher after driving the market to three-month highs.
The three major U.S. stock indexes opened lower but recovered at midday, led by consumer staples .GSPS and health care .GSPA. Both are defensive plays, an indication that investors are keeping their enthusiasm in check.
“It’s very positive that we found better footing throughout the session, which indicates that the market’s path of least resistance is higher,” said Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management in Boston.
The hope for central bank action comes amid projections of poor growth for coming quarters and lackluster demand worldwide.
Read the rest of this article at Reuters here.
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