World News | Stocks Waver as Market Looks to End August in the Green

New York, Aug 31 (AP) Stocks were wavering between small gains and losses in midday trading Thursday, as the market looks to close out August solidly in the green.

The S&P 500 index was up 0.1per cent as of 11:25 a.m. Eastern after being down slightly most of the morning. The Dow Jones Industrial Average was up 0.1per cent and the Nasdaq composite was down 0.2per cent.

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Despite the declines, the market is on pace to close out August on a positive note. The S&P 500 is up 3per cent in August, while the Nasdaq is up 3.9per cent. The benchmark S&P 500 is on track for its seventh straight monthly gain, which would be the longest such streak since early 2018.

The market has been lifted by a number of factors this month. Corporate earnings came in much better than expected, giving investors confidence to pay premium prices for an already lofty market. Also the Federal Reserve has made it clear that it believes inflation will be temporary and any pullback of financial support from the central bank would be gradual.

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Energy prices declined for a second day, as fears of widespread devastation to U.S. oil and gas production in the Gulf of Mexico after Hurricane Ida appeared be overblown. Oil prices were down 0.5per cent, with similar declines in natural gas prices.

The latest economic data showed once again the impact the delta variant of the coronavirus is having on the economy. Consumer confidence in August fell sharply to a reading of 113.8 compared to a reading of 125.1 in July.

Economists has been expecting a reading of 124.0. Most of the decline was tied to the spread of the virus in the past month, which has inundated hospitals with patients and deaths are climbing again.

Investors' eyes will be turning to key economic data later this week, when the Labor Department releases its August jobs report on Friday. Economists are expecting that U.S. employers created 750,000 jobs last month, according to FactSet, with the unemployment rate dropping to 5.2per cent.

The bond market was quiet, with the 10-year Treasury note trading at a yield of 1.30per cent. That's up from 1.28per cent the day before. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)