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July 14, 2021, 4:10 p.m. EDT

Dow, S&P 500 end higher and Nasdaq books 2nd straight drop, but Russell 2000 gets whacked amid Powell hearing

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By Mark Decambre

The Dow Jones Industrial Average and the S&P 500 logged modest gains Wednesday, while the Nasdaq Composite rang up its second consecutive loss, after Federal Reserve Chairman Jerome Powell told a House Financial Services Committee that inflation will moderate and that he believes that policy makers can combat rising pricing pressures if they run even hotter. The Dow /zigman2/quotes/210598065/realtime DJIA +0.29% closed 0.1% higher at around 34,933, the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.28% advanced 0.1% at about 4,374, pulling back after hitting an intraday high Wednesday at 4,393.68; the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.63% declined 0.2% at around 14,645, marking its second decline in a row. The small-capitalization Russell 2000 index /zigman2/quotes/210598147/delayed RUT +2.29% suffered another sharp drop, sinking more than 3% over the past two sessions. In corporate news, shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC -0.82% dropped after the moneycenter bank reported a second-quarter profit that rose above expectations but revenue fell short, weighed by misses in the consumer banking and global markets businesses. BlackRock Inc. /zigman2/quotes/207946232/composite BLK -1.76% shares fell after the money manager reported second-quarter profit and revenue that rose above expectations, as assets under management increased 30% and net inflows topped $80 billion. Meanwhile, the Fed's latest deep dive on the economy confirmed the obvious: The U.S. is growing faster, but the recovery is being restrained by widespread shortages of labor and supplies.The findings from the central bank's so-called Beige Book, which largely mirrored the more timely remarks by Powell during his appearance in Congress on Wednesday. The moves in stocks also came as the 10-year benchmark yield skidded lower and prices for government debt rose. The 10-year note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.55% was at around 1.34% from aroun 1.41% on Tuesday. Treasury yields fall as prices climb.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,364.50
+99.13 +0.29%
Volume: 678.12M
Jan. 24, 2022 5:04p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,410.13
+12.19 +0.28%
Volume: 3.89B
Jan. 24, 2022 5:04p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,855.13
+86.21 +0.63%
Volume: 5.82M
Jan. 24, 2022 5:16p
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/zigman2/quotes/210598147/delayed
US : US Composite
2,033.51
+45.59 +2.29%
Volume: 2.46M
Jan. 24, 2022 6:22p
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 44.55
-0.37 -0.82%
Volume: 90.78M
Jan. 24, 2022 4:00p
P/E Ratio
12.48
Dividend Yield
1.89%
Market Cap
$367.63 billion
Rev. per Employee
$440,615
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/zigman2/quotes/207946232/composite
US : U.S.: NYSE
$ 786.82
-14.10 -1.76%
Volume: 1.69M
Jan. 24, 2022 4:00p
P/E Ratio
20.59
Dividend Yield
2.48%
Market Cap
$121.49 billion
Rev. per Employee
$1.23M
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.76
-0.0097 -0.55%
Volume: 0.00
Jan. 25, 2022 3:45a
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