Skip to content
Subscriber Only

S&P 500 Stuck in Trading Lull While Bonds Retreat: Markets Wrap

  • Kaplan sees hike in 2022, taper starting sooner than later
  • Yellen renews plea to raise debt limit before July 31 deadline
Bloomberg business news
Fed Demolished Myths About Letting Inflation Run: Memani(Source: Bloomberg)
Updated on

Stocks traded in a tight range Wednesday as investors assessed prospects for an economic recovery and continued Federal Reserve support amid the threat of inflation. Treasuries fell.

The S&P 500 drifted between gains and losses throughout the day, with companies tied to a broader reopening of the economy -- such as retail and financial shares -- outperforming. A rally in Tesla Inc. drove the Nasdaq Composite to a fresh record even as the gauge rose just 0.1%. Fannie Mae and Freddie Mac tumbled as the Supreme Court dealt a blow to investors in their challenge to the U.S. collection of more than $100 billion in profits from government-sponsored enterprises.