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Stocks are Mixed on Wall St            09/23 09:49

   U.S. stock indexes are mixed Wednesday morning, as Wall Street's tumultuous 
month continues to churn.

   New York (AP) -- U.S. stock indexes are mixed Wednesday morning, as Wall 
Street's tumultuous month continues to churn.

   The S&P 500 was 0.2% lower after giving up an earlier gain, the latest 
erratic trading for a market dominated by several sudden turns of momentum 
recently. The Dow Jones Industrial Average was up 53 points, or less than 0.2%, 
at 27,341, as of 10:29 a.m. Eastern time, and the Nasdaq composite was down 
0.6%.

   This week alone, a Monday swoon brought the S&P 500 near the edge of a 10% 
drop from its record high set on Sept. 2. It rebounded the following day to 
snap its first four-day slide since stocks were selling off in February, though 
momentum has been quick to shift even by the hour.

   Nike jumped 8.7% for one of the biggest gains in the S&P 500 after it 
reported much stronger profit than analysts expected.

   Johnson & Johnson rose 1.3% as it begins a huge final study to try to prove 
if a single dose COVID-19 vaccine can protect against the virus. A handful of 
other vaccines are already in final-stage studies, and investors increasingly 
expect one to be available within the first three months of 2021. The hope is 
that it can help the economy get close to normal again and allow strong growth 
to resume.

   At the center of the market's big swings this month have been Apple, Amazon 
and other Big Tech stocks. They soared through the pandemic on expectations 
that their growth will only strengthen as the pandemic accelerates 
work-from-home and other trends that benefit them. But they began falling early 
this month amid fears that they had grown too expensive.

   Several were weakening again on Wednesday, with Amazon down 1.9% and 
Microsoft down 1.2%. Apple was down 1.2% after earlier flirting with a small 
gain.

   Stocks that would benefit from a return to normal were rising, though. 
Norwegian Cruise Line Holdings rose 1.9%, and Delta Air Lines gained 1.6%.

   Part of this week's early stumble for stocks was due to worries about 
European governments imposing tougher restrictions on businesses to slow the 
spread of the coronavirus, which hurt travel-related companies in particular. 
But analysts said the U.K. orders announced Tuesday weren't as extreme as some 
investors had feared.

   European stocks rose despite data showing the region's economic recovery may 
be faltering. Business activity is slowing as weakness in the service sector is 
countering strength in manufacturing, according to preliminary data from a 
survey of purchasing managers by IHS Markit.

   The survey's composite reading was at a three-month low, though 
manufacturing was at a 25-month high.

   Germany's DAX returned 0.8%, France's CAC 40 rose 1% and the FTSE 100 in 
London gained 1.4%.

   In Asia, markets were more subdued. Japan's Nikkei 225 slipped 0.1%, South 
Korea's Kospi was virtually flat and Hong Kong's Hang Seng ticked up by 0.1%.

   Treasury yields were holding relatively steady, and the 10-year yield 
slipped to 0.67% from 0.68%.

   Yields have remained very low as the Federal Reserve has said it expects to 
keep short-term rates at nearly zero for years. Such support helped Wall Street 
halt its sell-off of nearly 34% earlier this year, along with a big stimulus 
effort by Congress.

   But extra unemployment benefits and other aid from Congress have already 
expired. Some areas of the economy have seen growth slow as a result, and 
investors say a renewal is crucial. But partisan disagreements have kept 
Congress stymied. The vacancy on the Supreme Court following Justice Ruth Bader 
Ginsburg's death has deepened the country's partisan split even more.

   Fed Chair Jerome Powell said on Tuesday that the economy would benefit from 
support by both the central bank and Congress. He is testifying again Wednesday 
at a hearing for a House subcommittee on the coronavirus crisis.

 
 
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