Published February 12, 2014
FOX Business: Capitalism Lives Here
U.S. equity markets flip-flopped Wednesday as traders reassessed positions after Wall Street's biggest four-day rally since January 2013.
As of 12:30 p.m. ET, the Dow Jones Industrial Average fell 35 points, or 0.22%, to 15959, the S&P 500 rose 0.18 point, or 0.01%, to 1819 and the Nasdaq Composite advanced 9.3 points, or 0.22%, to 4200.
The S&P 500 tacked on its fourth-straight daily advance Tuesday, rising 3.9% over the period. It was the biggest four-day percent gain for the broad-market barometer since January 2013.
The move came amid signs Congress will pass a "clean" debt limit increase without the usual battle royal between Democrats and Republicans. At the same time, newly-minted Federal Reserve Chairman Janet Yellen said she will continue cutting back on the central bank's stimulus programs in a measured way.
There are no major reports on the economic docket Wednesday. However, a key measure of retail sales from the Commerce Department is out on Thursday.
On the corporate front, Deere (DE) revealed better-than-expected quarterly profits, sending shares of the farm-equipment maker climbing. Home Depot (HD) said it would hire 80,000 people as part of its spring push. Earnings from networking giant Cisco Systems (CSCO) are due out after the closing bell.
In commodities, U.S. crude oil futures climbed 78 cents, or 0.78%, to $100.72 a barrel. Wholesale New York Harbor gasoline rose 0.82%, to $2.775 a gallon. Gold edged up by 50 cents, or 0.04%, to $1,290 a troy ounce.