S&P 500 Pares Gains Into the Close as Nasdaq Drops: Markets Wrap
- JPMorgan, Morgan Stanley analysts join bullish bank calls
- Treasury curve steepens to level last seen in February 2016
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Stocks almost wiped out their advance as a decline in technology and retail companies dragged down the Nasdaq 100. Treasuries retreated. Oil climbed.
The S&P 500 closed with a small gain following its biggest two-day rally in almost three months. Energy and financial shares outpaced tech even after Google’s parent Alphabet Inc. hit a record on stellar results, while Amazon.com Inc. slumped. Banks climbed as JPMorgan Chase & Co. and Morgan Stanley issued bullish calls on the industry. GameStop Corp., the poster child for Redditors looking to squeeze short sellers, and movie-theater chain AMC Entertainment Holdings Inc. rebounded following Tuesday’s plunge.