S&P, Dow Take Opposite Directions

Stocks had a mixed day of trading Thursday, one day after a surge in inflation tripped up major indexes. The benchmark S&P 500 ticked up 2 points to 4,659, but the Dow fell 158 points to 35,921. The Nasdaq, meanwhile, gained 84 points to close at 15,704. Smaller-company stocks outpaced the broader market in a sign that investors were feeling confident about economic growth, per the AP. The Russell 2000 rose 0.9%. Technology stocks made the strongest gains, led by chipmakers. Nvidia rose 3.2% and Qualcomm rose 3.1%. Banks also gained ground, with Citigroup up 1.1%.

The latest round of corporate earnings has been winding down. Weeks of solid financial reports helped the broader market rise and reach a series of records. Inflation concerns have been rattling investors throughout the week, however. “It's a pretty simple rule to be long during earnings and cautious outside of earnings,” said Jay Hatfield, CEO of Infrastructure Capital Advisors. “Earnings ends and then the stock market is a victim of other data, which tends to be bad.”