Stocks Edge Upward as Outlook Remains Murky

Solar panel firms were among the day's winners
By Newser Editors and Wire Services
Posted Jun 6, 2022 4:00 PM CDT
Stocks Edge Upward as Outlook Remains Murky
Pedestrians pass the New York Stock Exchange.   (AP Photo/John Minchillo, file)

US stocks ticked higher Monday as Wall Street keeps wrestling with whether the economy will successfully avoid a recession amid rising interest rates and high inflation. The S&P 500 rose 12.89 points, or 0.3%, to 4,121.43 after swinging through another day of erratic moves, in what's become the norm for markets. The Dow Jones Industrial Average edged up 16.08, or less than 0.1%, to 32,915.78, and the Nasdaq composite gained 48.64, or 0.4%, to 12,061.37. Stocks started the day with bigger gains, and the S&P 500 was up as much as 1.5%, with the Nasdaq briefly up nearly 2%. But they fell back as Treasury yields continued to climb, putting downward pressure on stocks, the AP reports.

Companies in the solar power industry were some of the biggest gainers after President Biden ordered emergency measures to increase US manufacturing of solar panel. Enphase Energy jumped 5.4%, and SolarEdge Technologies rose 2.9%. Amazon rose 2% after splitting its stock, 20-for-1. Such a move lowers its stock price and makes it more affordable to some smaller-pocketed investors, all while leaving its total value alone. Spirit Airlines rose 7% after JetBlue Airways boosted its buyout offer in the bidding war for the discount carrier. On the losing side was Twitter, which slipped 1.5% after Tesla CEO Elon Musk threatened to call off his deal to buy the company

Economists at Goldman Sachs said in a research note they still see the Fed and its chair, Jerome Powell, on course to walk the line successfully and engineer what’s called a "soft landing" for the economy by reining in inflation but not moving so aggressively that it causes a recession. That was more encouraging than some of the warnings that dragged on markets last week, including one from JPMorgan Chase CEO Jamie Dimon, who said he’s preparing for an economic "hurricane."

(Read more stock market stories.)

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