Alexa

Dow Jones climbs 9.36 points on 4th straight day of gains

Dow Jones climbs 9.36 points on 4th straight day of gains

Wall Street finished mixed in another seesaw session Wednesday after regulators allowed Fannie Mae and Freddie Mac to buy more mortgages and U.S. Federal Reserve Chairman Ben Bernanke said the central bank will remain vigilant about the weakened economy.
Investors pared the market's gains after both developments had initially boosted confidence amid increasing signs of a slowing economy. Wall Street has in recent months grappled with concerns about rising prices, a weaker dollar and continued turmoil in the credit markets.
Fannie Mae and Freddie Mac - the biggest sources of financing for U.S. home loans - helped give the market some ballast after the government removed restrictions on the size of their portfolios. That offered a chance for an easing of the extremely tight mortgage market that has been battered by the subprime loan crisis.
Major indexes initially moved higher before investors cashed in profits, following a pattern set in recent weeks. The Dow Jones industrial average - now up four straight sessions - rose 9.36, or 0.07 percent, to close the day at 12,694.28.
Broader indexes were narrowly mixed. The Standard & Poor's 500 index fell 1.27, or 0.09 percent, to 1,380.02, and the Nasdaq composite index rose 8.79, or 0.37 percent, to 2,353.78.
Stocks were somewhat under pressure after the euro climbed to a record high of US$1.5057 as sentiment increased that the Fed would continue its rate cut campaign. The U.S. currency was mixed against other major currencies.


Updated : 2021-03-03 10:11 GMT+08:00