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S&P 500 Falls for Fifth Straight Session – WSJ

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S&P 500 Falls for Fifth Straight Session – WSJ

The S&P 500 fell for a fifth straight session.


PHOTO CREDIT: JUSTIN LANE/SHUTTERSTOCK

U.S. stocks mostly fell on Wednesday, as investors remained concerned that stronger-than-expected economic data would prompt officials to keep interest rates higher for longer, potentially weighing on the economy next year.

The S&P 500 fell 7.34 points, or 0.2%, to 3,933.92, its fifth straight session of losses. The Nasdaq Composite fell 56.34 points, or 0.5%, to 10,958.55. The Dow rose 1.58 points, or less than 0.1%, to 33,597.92.

In bond markets, the yield on the benchmark 10-year U.S. Treasury note fell to 3.407% from 3.512% on Tuesday. The 2-year yield was flat at 4.256% on Wednesday.

Among individual stocks, Campbell Soup Co. (CPB ) rose $3.19, or 6%, to $56.18 after it raised its forecast and said first-quarter sales rose.

Shares of Carvana (CVNA ) fell $2.88, or 43%, to $3.83. The Wall Street Journal reported that the used-car dealership hired Moelis & Co. as a financial adviser, hiring an investment bank known for helping companies facing financial distress. Analysts at Wedbush Securities downgraded the stock to underperform and believe the company’s bankruptcy risk is rising.

State Street Co. ( STT ) jumped $6.09, or 8.2%, to $80.45 after the financial services company boosted its share buyback program.

Europe’s Stoxx 600 index fell 0.6%.

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