NEW YORK (AP) – Stocks are drifting between small losses and gains on Wall Street Wednesday, as the S&P 500 follows up its return to a record high with another day of meandering trading.
The S&P 500 was down 0.1%, after flipping from an earlier gain of 0.3%, a day after it wiped out the last of its losses created by the pandemic and surpassed its Feb. 19 peak.
The Dow Jones Industrial Average was up a single point point at 27,779, as of 2:40 p.m. Eastern time, and the Nasdaq composite was 0.2% lower.
The market’s momentum has remained solid, but it’s slowed recently after roaring back from a terrifying plummet of nearly 34% in February and March. Trading has been so tepid that it took the S&P 500 several attempts to break its record after pulling within 1% of the mark a week and a half ago.
“The elevator went down very quickly, so to speak,” Nancy Davis, chief investment officer of Quadratic Capital, said of the market’s plunge earlier this year. “And now we’ve been climbing the stairs back up, and we’re higher than we were before.”