S& P 500 ends with first gain in 4 days

Market inches up as investors react to flood of mixed economic data.

Stocks closed higher Wednesday on Wall Street, nudging the S& P 500 to its first gain in four days, as investors weighed a mixed set of reports on the economy.

The S& P 500 inched up 0.1% after shedding most of its gains from earlier in the day. The benchmark index remains on track for a weekly loss. Gains by financial, communication services, energy and other sectors were kept in check by declines elsewhere, including technology companies, which helped pull the Nasdaq slightly lower.

Investors continued to bid up shares in smaller company stocks, driving the Russell 2000 smallcap index to its second straight all- time high.

An hour before trading began on Wall Street, the government released an avalanche of data on the economy that showed some optimistic signs and several disappointing ones. But the market seemed to shrug off the reports.

“The economic data is being largely discounted ,” said J. J. Kinahan, chief strategist with TD Ameri trade .“It seems to be that the rollout of the vaccine for the coronavirus is starting togo pretty well, so that’s what’s giving people a lot of hope.”

The S& P 500 set a record high a week ago and is up 14.2% so far this year. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite fell 0.3%.

The Russell 2000 index climbed above the 2,000- point mark for the first time as it gained 0.9%. The index of smaller companies has risen 10.3% this month, roughly half of its gain for far this year.

Overnight, Wall Street had seemed to be heading for a rockier day. U.S. stock futures initially dropped after President Donald Trump said that he may not sign the $ 900 billion rescue for the economy that Congress just approved. But Trump said late Tuesday that he wants bigger cash payments to most Americans, up to $ 2,000.