The News-Times

Stocks end mixed, oil prices rise despite release of crude

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Wall Street closed out a wobbly day of trading Tuesday with a mixed finish for the major stock indexes, as gains in banks and energy companies tempered losses elsewhere in the market.

The S&P 500 managed to rise 0.2 percent after wavering between small gains and losses for much of the day. The benchmark index was coming off two straight drops after setting a record high last Thursday. The Dow Jones Industrial Average rose 0.5 percent, while the Nasdaq composite closed 0.5 percent lower.

More than 60 percent of the stocks in the S&P 500 rose. Banks, energy stocks and household goods companies rose. Those gains were tempered by losses in technology and communicat­ion stocks, and a mix of companies that rely on consumer spending.

The price of U.S. crude oil rose 2.3 percent and wholesale gasoline rose 3.4 percent despite the fact that President Joe Biden ordered 50 million barrels of oil released from the nation’s strategic reserve to help bring down energy costs. The move was made in concert with other big oil-consuming nations.

Bond yields rose, adding to a broad move higher a day before that helped spur a late-afternoon sell-off in big technology and consumeror­iented stocks. Such stocks have seen their prices soar during the pandemic and can look less attractive when bond yields rise sharply.

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