The S&P 500 drifted up and down for most of the day before a last-hour lift sent it to a gain of 0.8%.
The Dow Jones Industrial Average rose 177.10 points, or 0.7%, to 26,067.28, and the Nasdaq composite gained 148.61, or 1.4%, to 10,492.50 to set another record. The S&P 500, which more index funds benchmark themselves against, rose 24.62 to 3,169.94 and is back within 6.4% of its record.
Amazon added 2.7%, Apple rose 2.3% and Microsoft gained 2.2%. Because of their immense size, those three stocks alone were responsible for more than half the S&P 500's gain for the day.
"The Nasdaq is screaming warning signs that there's rampant speculation," said
"I would be very cautious on some of these companies," he said. "The worst thing in the world is to own companies that have just gone hyperbolic."
Roughly 2 in 5 stocks in the S&P 500 fell Wednesday, with several chemical and construction-related companies taking the hardest hits.
The mixed trading followed Tuesday's snapback, when the S&P 500 fell 1.1% to break a five-day winning streak. The selling accelerated late in the day, and analysts say investors were likely cashing in on recent gains, given the uncertainty that lies ahead for markets.
Expectations for the upcoming earnings season are dismal. More important for investors, analysts say, may be what companies say about how they plan to navigate the rest of the year and even 2021, when profits are expected to grow again.
Gold for delivery in July rose
A two-year audit of
Facebook hired the audit's leader, former American Civil Liberties Union executive
The audit recommends that
"While the audit process has been meaningful, and has led to some significant improvements in the platform, we have also watched the company make painful decisions over the last nine months with real world consequences that are serious setbacks for civil rights," the audit report states.
Those include Facebook's decision to exempt politicians from fact-checking, even when President
Civil rights leaders who met virtually with Zuckerberg and other
"What we get is recommendations that they end up not implementing," said