Micron, AMD rise after brokerage actions
Indexes up: Dow 0.01 pct, SP 0.16 pct, Nasdaq 0.34 pct (Changes comment, adds details, updates prices)
By Medha Singh
Investors are worried about a faster rise in interest rates as the U.S. 10-year Treasury yield hovered near seven-year high on signs that the U.S. economy is on a stronger footing in the second quarter.
“Higher rates are going to present headwind to equity markets. Even with strong economic data, strong earnings, the markets are still flat year to date,” said Michael James, managing director of Institutional Equity Trading at Wedbush Securities in Los Angeles.
“The question remains what multiples are people willing to pay for equities in this higher rate environment.”
At 11:19 a.m. EDT the Dow Jones Industrial Average was down 1.75 points, or 0.01 percent, at 24,704.66, the SP 500 was up 4.36 points, or 0.16 percent, at 2,715.81 and the Nasdaq Composite was up 24.80 points, or 0.34 percent, at 7,376.43.
Advancing issues outnumbered decliners for a 1.43-to-1 ratio on the NYSE and for a 1.60-to-1 ratio on the Nasdaq.