Market Updates
U.S. Averages Rest Near Record Highs, Crude Oil Jumps 2%
Barry Adams
13 Mar, 2024
New York City
Stocks traded in a narrow range, and benchmark indexes hugged the flatline as investors debated interest rate paths.
The S&P 500 index was nearly unchanged after the market rally in the previous session lifted the index to a new record high.
The 4-month market rally has broadened beyond tech stocks to healthcare, industrial, transportation, and retailers.
The S&P 500 index and the Nasdaq Composite have advanced more than 8% in the year so far, following the 24% and 43% surge in 2023, respectively.
U.S. Indexes and Yields
The S&P 500 index decreased 0.1% to 5,170.25, and the Nasdaq Composite fell 0.5% to 16,180.22.
The yield on 2-year Treasury notes increased to 4.53%, 10-year Treasury notes inched up to 4.09%, and 30-year Treasury bonds edged down to 4.26%.
WTI crude oil decreased $0.13 to $77.83 a barrel, and natural gas prices increased 5 cents to $1.81 a thermal unit.
Gold decreased by $7.22 to $2,179.44 an ounce, and silver rose 2 cents to $24.45.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 102.94.
U.S. Stock Movers
Coinbase declined 1.7% to $251.90 after the company announced its plans to raise $1 billion through a convertible bond offering.
Petco Health & Wellness advanced 5% to $2.69 after the pet food retailer reported better-than-expected financial results in the fiscal fourth quarter.
Dollar Tree dropped 13% to $136.0 after the deep discount retailer reported weaker-than-expected quarterly results.
The retailer also announced plans to close 1,000 underperforming stores.
Annual Returns
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Earnings
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