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Stocks meandered on Wednesday, with the S&P 500 making a limited comeback off a two-month low, as investors sorted through developments in Ukraine and considered two derailed deals. The Dow Jones Industrial Average, which dropped 139 points on Tuesday, closed unofficially just 13 points higher. The S&P 500 was virtually flat at 1920.23 and the Nasdaq rose 2 points. "Russian troops massing on a border, it certainly looks like it's going to get worse before it gets better," said Joe Peta, managing director at Novus partners. The falling apart of a couple of mergers, that is not good for bank earnings either," he said, referring to Sprint retreating from its offer for carrier T-Mobile U.S.and Twenty-First Century Fox rescinding its $80 billion bid to purchase Time Warner. Strategists said technical factors were in play, with the S&P 500 holding 1,920 at Tuesday's close seen as bullish, as well as Wednesday's testing and bouncing back off of the prior session's intraday low of 1,913.
- Wealth Gap Has Slowed Economic Recovery, S&P Says
- 21st Century Fox Pulls Offer for Time Warner
- Sprint Drops Bid to Buy T-Mobile
- Kate Gibson, CNBC.com