U.S.
stocks fluctuated, as energy companies pared a rally and the Standard
& Poor’s 500 Index stalled near its highest levels since the August
selloff.
The
S&P 500 rose 0.1 percent to 1,980.96 at 12:34 a.m. in New York,
after gaining as much as 1 percent. The Dow Jones Industrial Average
slipped 4.5 points to 16,785.65. The Dow earlier was up as much as 173
points. The Nasdaq Composite Index declined 0.1 percent.
Stocks
have swung between gains and losses since August’s tumble, amid concern
about a slowing global economy and confusion over the Federal Reserve’s
policy intentions. The S&P 500 has rebounded 3.2 percent since
ending its worst quarter in four years, and is up 6.1 percent from an
August low reached during the index’s first correction since 2011.
The
Chicago Board Options Volatility Index was little changed Wednesday at
19.39. The measure of market turbulence known as the VIX was down for a
sixth day yesterday, the longest stretch since July.
Attention
will also shift to earnings this week, with Alcoa Inc. unofficially
kicking off the reporting season after markets close tomorrow. Companies
reporting next week include Johnson & Johnson, Intel Corp. and
JPMorgan Chase & Co.
Analysts
project earnings for S&P 500 members dropped 6.9 percent in the
third quarter. Still, a Fed measure of corporate income has posted its
biggest quarterly increase since 2012, suggesting the overall picture
for profits may be skewed by downgrades at energy producers combating
weak oil prices.
Source: Bloomberg
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