MARKETS: Stocks ended a wobbly day with modest gains, enough to send the Dow Jones Industrial Average to its first close above 29,000 points.
FILE - In this Jan. 10, 2020, file photo trader Andrew Silverman works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Wednesday, Jan. 15.
"This was telegraphed well enough that the market is kind of looking through it and toward the next phase and what that means," said Keith Buchanan, portfolio manager at Globalt Investments. Smaller-company stocks fared better than the rest of the market. The Russell 2000 picked up 6.66 points, or 0-4%, to 1,682.40.Bond prices rose. The yield on the 10-year Treasury note fell to 1.78% from 1.81% late Tuesday.
"We're expecting a reacceleration in the back end of the year, so any guidance that brings any type of skepticism to that could threaten the recent rally we've had and the gains that we've accrued in the past few months," Buchanan said. Utilities and consumer staples sector stocks also notched gains. Edison International climbed 2.5% and PepsiCo rose 1.7%.
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