Shares rose in
Market players are looking ahead to
Economies are bouncing back rapidly from the damage and disruptions caused by the pandemic, analysts say.
“The speed of recovery bears little resemblance to those from past downturns, which should give some hope that less economic scarring will result,” RaboResearch said in a market commentary.
Progress lags in
The S&P 500 gave up an early gain, slipping less than 0.1% to 4,202.04. That broke a three-day winning streak. The tech-heavy Nasdaq inched 0.1% lower to 13,736.48, while the Dow Jones Industrial Average eked out a 0.1% gain, closing at 34,575.31.
The Russell 2000 index added 1.1%, to 2,294.74.
Traders weighed a new report showing more growth in manufacturing as the coronavirus pandemic wanes in the
Expectations that the upcoming
"The market will focus on jobs this week and the reason is so will the Fed,” Krosby said. “This is a market that wants to assess or ascertain how the Fed is going to respond to more inflation.”
The concern is that the global recovery could be hampered if governments and central banks have to withdraw stimulus to combat rising prices.
Banks were among the biggest gainers as bond yields ticked higher, which allows them to charge more lucrative interest rates on loans. The yield on the 10-year
Energy stocks were the biggest gainers in the S&P 500. Crude oil prices jumped more than 2%, helping to send producers higher.
“The economy continues to expand, continues to rebound,” Krosby said. “Americans are traveling by car, traveling by air, and that's reflected in the oil prices.”
Health care and technology companies fell, checking gains elsewhere in the market.
Manufacturing grew despite supply shortages that have plagued many manufacturers for weeks, particularly those who require semiconductors. It's the latest piece of economic data that has shown the
In energy trading, benchmark
In currency trading, the
AP Business Writers