Wall Street traded sideways Wednesday, and closed mixed as profit warnings and news from companies such as Alcoa Inc. and Boeing Co . dragged down the Dow Jones industrial average. However, technology stocks were sparred from the slight pullback.
Declines by companies Boeing and Alcoa hurt the 30-stock index. However, International Paper Co. and Chevron Corp. closed red because third quarter fiscal results were not as desirable as expected.
The stock market’s unsteady trading throughout Wednesday was followed by a surge on Tuesday that was sparked by the release of Federal minutes.
According to Kim Caughey, an equity research analysis, stated “People are looking backward at what the Fed was discussing to try and discern whether or not we’re in a recession. Looking in the rearview mirror isn’t going to give us that clarity because its history, so instead I’m really looking forward to what corporate earnings will show.”
The Dow fell 85.84, or 0.61 percent, to 14,078.69 after rising 120 points on Tuesday.
Broader stock indicators were mixed. The S&P 500 fell 2.68, or 0.17 percent, to 1,562.47, and the technology-laden Nasdaq composite index rose 7.70, or 0.27 percent, to 2,811.61.
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