Wall Street indexes kept to tight ranges on Wednesday ahead of key inflation data this week, while small-time retail investors bought into several more stocks as a social media-fueled rally continued.
While the S&P 500 was trading just below record highs, a lack of new catalysts saw it struggling to break above its last high of 4,238.04 points.
A recent rally on Wall Street – driven by strong earnings in May and growing expectations of a 2021 economic recovery – appeared to have paused this week as investors awaited more cues on U.S. monetary policy.
“The market is trying to price in the quick recovery but there is still a lot the market doesn’t know about how robust the recovery process is,” said Arthur Weise, chief investment officer of Kingsland Growth Advisors.
Buying into so-called...read more...