New York, Sept. 27 (BNA): Stocks on Wall Street were mixed on Monday as technology stocks fell and offset gains in banks and energy companies.
The S&P 500 was down 0.1% as of 11:15 AM ET.
The Dow Jones Industrial Average rose 156 points, or 0.5%, to 34,956, and the Nasdaq Technology Index fell 0.5%, according to an Associated Press report.
The S&P 500 was more gainers than losers. Banks made solid gains as bond yields continued to rise, allowing them to charge higher interest rates on loans.
The yield on the 10-year Treasury rose to 1.48% from 1.46% late Friday. Bank of America gained 2.4%.
Oil prices rose 1.7% and supported gains in energy stocks. Exxon Mobil shares rose 2.6 percent.
The technology sector, which carries a significant weight within the S&P 500, was down 0.9% overall. Apple shares fell 1.1 percent and Microsoft 1.3 percent.
Small cap stocks have outperformed the leading indicators, indicating that investors remain confident about future economic growth. The Russell 2000 index rose 1.7%.
The economic recovery started strong in 2021, but analysts and economists have softened their forecasts for the rest of the year.
In a survey released Monday, the National Association for Business Economics found that its team now expects full-year economic growth of 5.6%, down from the 6.7% growth forecast in its previous NABE survey in May.
However, economists raised their forecast for economic growth in 2022 to 3.5% from the previous forecast of 2.8%.
Consumer spending has been the main driver of the economic recovery and has been held back in part by the rise in COVID-19 cases due to the highly contagious delta variant.
Investors will get a glimpse of how that continues on Tuesday when The Conference Board releases its September Consumer Confidence Index.
Investors have been facing a quiet period in terms of corporate news as companies prepare to start reporting their latest quarterly financial results in the next few weeks.
Markets in Europe rose while Asian markets were mixed.
insult