Benchmarks fell in
In a subdued opening to the week in
A worsening coronavirus outbreak that has caused the government to declare a partial state of emergency and tighten pandemic precautions is likely to keep the economy in the doldrums in the currenct quarter,
“However, we remain optimistic that the pace of recovery will pick up in the second half as domestic demand recovers, supported by increased vaccinations, while foreign demand should continue to support the manufacturing sector,” he said.
This is a relatively light week for economic data, though investors will get another glimpse into the impact of inflation on Thursday with the
Investors and economists are concerned that a steep rise in prices could crimp the recovery and prompt the
“The market is treading water right now and waiting for another catalyst to move higher,” said
The S&P 500 fell 3.37 points to 4,226.52. The Dow lost 0.4% to 34,630.24. The Nasdaq rose 0.5% to 13,881.72. The Russell 2000 index of smaller companies gained 1.4% to 2,319.18.
Banks, industrial stocks and materials companies helped pull the broader market lower. Communications companies and health care stocks made solid gains. Facebook rose 1.9%, while drugmaker
Biogen soared 38.3% for the biggest gain in the S&P 500 after the
Cruise line operators rose after several companies announced or confirmed plans to start sailing again this summer. The industry essentially shut down during the virus pandemic.
Corporate buyout plans moved several stocks.
The dollar rose to
AP Business Writers