Stocks End Mixed as Investors Eye Financials, Market Highs
NEW YORK (TheStreet) -- Stocks finished mixed Wednesday as the markets weighed positive results of bank stress tests against market highs achieved on Tuesday.
The latest round of bank stress tests gave a boost of confidence to buyers in the prior session. On Wednesday, American Express (AXP) and Bank of America (BAC) lent some support to the blue-chip index. The Dow Jones Industrial Average closed up 16.4 points, or 0.12%, at 13,194, after finishing at its highest level since December 2007 on Tuesday.
The S&P 500 lost 1.7 points, or 0.1%, at 1394.
Financials wavered throughout the day, while utilities traded in the red, signaling mixed market sentiment. "Financials are important because if they continue to outperform [as they had in the previous trading session] it means investors are feeling that the financial crisis is continuing to fade away," says Michael Gayed, chief investment strategist at Pension Partners. "It's the opposite if [they're] underperforming. Because utilities are dividend heavy, outperformance would mean a flight to safety."The Nasdaq was added 0.9 points, or 0.03%, to close at 3041, after the index closed above the 3000 milestone for the first time since the year 2000.
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