Dow, S&P climb on energy and industrials; Nasdaq falls

Dow, S&P climb on energy and industrials; Nasdaq falls

Tuesday's declines once again pushed the S&P 500 below the 50-day moving average, a technical support level.

Earlier this month, stocks suffered their first 10 percent pullback since early 2016.

USA stocks closed lower on Wednesday in a rocky session after the release of the minutes from the Federal Reserve's January meeting pushed yields on the benchmark 10-year U. Treasury note to a four-year high.

There are several reasons why the earlier correction didn't spell a total crash for the stock market.

In addition, the overall global equity market continues to be solid.

The report pulled other grocery retailers lower, with Target, off 3 per cent and Kroger down 4.2 per cent. The Dow was up about 150 points, or 0.6%, at 25,103, while the S&P 500 index was up 0.5% at 2,717. The S&P consumer staples index dropped 2.25 per cent and is down almost 5 per cent for the year. However bond yields, which move in the opposite direction of prices, have since moderated.

Those gains faded, however, and major indexes finished well off session highs as investors exercised caution in what is likely to be a rising interest rate environment.

Energy stocks, up 1.08%, also helped support gains, as oil prices advanced on a surprise draw in U.S. crude inventories.

Hewlett Packard Enterprise shares jumped more than 10% after beating estimates for quarterly earnings.

For the first quarter, HP said earnings per share came in at 48 U.S. cents on revenue of US$14.52bn, against analysts' expectations of 42 USA cents on US$13.49bn in revenue.

The S&P 500 posted two new 52-week highs and nine new lows; the Nasdaq Composite recorded 58 new highs and 47 new lows.

Volume on United States exchanges was 6.79 billion shares, below the 8.48 billion average over the last 20 trading days.