Stock indexes flip between gains and losses

May 21, 2013 @ 9:02 am


FILE - In this Tuesday, Feb. 21, 2012 file photo, traders work on the floor at the New York Stock Exchange in New York. Stock indexes are edging higher in early trading on Wall Street Tuesday, May 21, 2013, as investors look ahead to the Federal Reserve's next moves. (AP Photo/Seth Wenig, File) | Zoom

NEW YORK (AP) - Stock indexes fluctuated in midday trading Tuesday as investors tried to predict the Fed's next move.

The Dow Jones industrial average rose 32 points to 15,366 shortly before 12 Eastern time.

The Standard & Poor's 500 index edged up one point to 1,668. The Nasdaq composite rose three points to 3,499.

"There's no compelling reason for the market to go one way or another today," said Michael Binger, senior portfolio manager at Gradient Investments in Minneapolis, Minn. "And I think a lot of people are sitting on their hands waiting to see what the Fed says tomorrow."

On Wednesday, the Federal Reserve will release minutes from its most recent meeting and Chairman Ben Bernanke will go before Congress to discuss the outlook for the U.S. economy.

Investors are looking for any hints that the Fed will ease back on its multibillion dollar bond-buying program, which has buoyed all major indexes this year.

J.P. Morgan Chase & Co. rose 2 percent in midday trading. Shareholders of the country's biggest bank voted to allow CEO and Chairman Jamie Dimon to keep both rolls, beating back a referendum to split those positions. The bank's stock gained 90 cents to $53.18.

Home Depot surged 2 percent, the best gain among the 30 stocks in the Dow. The retailer reported an 18 percent increase in income for its first quarter as the housing market continued to recover. Home Depot rose $1.51 to $78.27.

It's been a healthy quarter for many of the biggest companies with home prices rising and the job market appearing to stabilize.

Seven of every 10 in the S&P 500 have trumped Wall Street expectations, according to S&P Capital IQ. Earnings have climbed 5 percent over the year before.

In the market for U.S. government bonds, the yield on the 10-year Treasury note slipped to 1.95 percent from 1.96 percent late Monday.

In commodities trading, the price of gold fell $22.70 to $1,361.30. Gold has slumped 19 percent this year. Tame inflation, a stronger dollar and a surging stock market have made gold less appealing as an alternative investment.

Among other companies in the news:

_ Best Buy dropped 4 percent, after reporting a quarterly loss and sales that fell short of expectations. Its stock lost $1.16 to $25.65.

_ TiVo gained 3 percent, or 44 cents, to $13.10. The digital video recording company narrowed its quarterly loss with the help of higher sales from more subscribers.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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Comments (25)


  • Add A Comment

  • hdcase wrote...
    If this surprises you you're living under a rock.
    August 4, 2011 10:33 am
    Congress needs to do a lot more than raise the spending cap or make so-called cuts, in future years. We need to do what Moody's and Standard & Poors said. Cut 4 trillion now.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • hnuh wrote...
    Even
    August 4, 2011 10:45 am
    now, the leftists cannot fathom how their ideas DO NOT WORK. They will call economic sabotage, unpatriotic or treasonous behavior, all kinds of snarling and shrieking smears at "the other"... that is, those who produce and invest. The takers are in charge, the makers are trying to protect themselves. The biggest error we have made as a people is embracing the utterly legless leftist philosophy over the last 40 years and allowing ourselves to experience the INEVITIBLE RESULT of socialistic ideas in our economy.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Lonestar wrote...
    What's next?
    August 4, 2011 11:13 am
    Each side will blame the other, the gummit will shovel more money into the economy, Al Gore will get richer, and the rest of us will survive on Kraft macaroni & cheese.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    Well! I am so relieved to see how well ObamaNomics is working! Just how well all that HOPE and CHANGE is working.
    August 4, 2011 11:16 am
    NOT!

    All this just because the Dear Leader could not make the Republicans look like they caved in his Messiah like presence??? That the Repbublicans were given the Big Win on this! I don't think so!

    This raising of the debt ceiling being raised and the Dear Leader within one day almost hitting that limit, the stock market nose diving? Again, where is all that Hope and Change?

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Anton wrote...
    Obamanomics....
    August 4, 2011 12:04 pm
    Yea, it's Obama's fault! He's been in office for 3 years and now the market has just realized that he's there now. And...what's this?... he signed a "health-care" into law?... when did this happen?.... oh!...everybody sell eveything! Or maybe, just maybe, the global economic growth outlook wasn't so hot and started a sell-off.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • daveismenotyou wrote...
    But Anton
    August 4, 2011 12:13 pm
    We had this great recovery, right?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • roll wrote...
    ECONOMIC'S
    August 4, 2011 12:18 pm
    anton what do you not understand we increase our limit x2 we decrece our spending x1 we are still going down maby slower but we are going backwards in the red. maby you dont pay your bills on time so you think its ok to spend 2x more than you make. only an idiot would do that oops that is we us USA the only way out is to cut up the card do without
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • HPD 5-0 wrote...
    Yea, it's Obama's fault!
    August 4, 2011 12:43 pm
    Hilarious how when this happens before BO got elected, the leftists screamed "IT'S BUSH'S FAULT!" Now that it's WORSE under their guy's watch, their incredulous that the "Great One" would be blamed. Ah, hypocrisy, thy name is LIBERAL.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Lonestar wrote...
    Happy Birthday Mr President
    August 4, 2011 12:50 pm
    You were supposed to blow out the candles - not blow up the economy!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    So how is that Summer of Obama recovery going?
    August 4, 2011 1:06 pm
    What does this make? Oh, yea! The third summer of Obama recovery. Where is the recovery? The jobs?

    How is that Hope and Change going for you left wing parrots?

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Dmaxx wrote...
    Here's a crazy idea
    August 4, 2011 1:07 pm
    We should probably just print about 8 trillion dollars, and pay everyone off that we owe while we can still do it. It won't be long before the rest of the world refuses to trade in US Dollars, so now might be our last chance.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }