US shares tread water
US stocks drifted sideways yesterday, in what is likely a temporary pause in a sell-off caused by fears of another downturn.
The benchmark S&P 500 rose for only the second time in the past nine sessions while the Nasdaq 100 managed to survive a fall below its 200-day moving average at 2,218, quickly reversing those losses.
Investors remained noncommittal about whether stocks have become cheap enough after six weeks of selling to pour some money back into equities again.
But deals in the insurance, apparel and communications technology sectors underscored the view that valuations are attractive.
The Dow Jones industrial average gained 1.14 points, or 0.01 per cent, to 11,953.05. The Standard & Poor’s 500 Index gained 0.88 points, or 0.07 per cent, to 1,271.86. The Nasdaq Composite Index dropped 4.04 points, or 0.15 per cent, to 2,639.69.