This year’s rebound in U.S. equities stalled ahead of the holiday weekend, with the benchmark index holding at around the level where it was at the outset of last year’s market meltdown.
The Standard & Poor’s 500-stock index fell less than 0.1 percent in the four days through Thursday, closing at 2,905. That’s about 20 points below the level where it was when a three-month plunge to the brink of a bear market started last October.
Health-care was the worst performing S&P 500 industry group this past week, sinking 4.4 percent to the lowest since early January on continued concern about the direction of federal policy on medical insurance. Tiger Woods’s improbable Masters victory helped lift longtime sponsor Nike to a 3.4 percent gain. It was the second-best performer in the Dow Jones industrial average, which rose 0.6 percent to 26,560 in the four days.
The first-quarter corporate earnings season got started in earnest this past week, with JPMorgan Chase, Goldman Sachs and Citigroup among those delivering better-than-expected earnings. Of the 77 S&P 500 companies that have reported their latest quarterly results, 61 beat Wall Street’s profit estimates.
The U.S. Treasury will sell $42 billion of three-month bills and $36 billion of six-month bills Tuesday. They yielded 2.43 percent and 2.45 percent in when-issued trading.
— Bloomberg News