Thursday, October 21, 2021

U.S. stocks mixed as banks, telecoms pull major indexes lower

Major U.S. stock indexes closed mixed on Wednesday as banks and telecommunications companies pulled the major indexes lower.

The Dow Jones Industrial Average lost 80 points, or 0.3 percent, to 24,616. The S&P 500 dipped 2 points, or 0.07 percent, to 2,648. The Nasdaq Composite added 8 points, or 0.1 percent, to 7,374.

Worries about rising interest rates, especially interest rate increases by the Federal Reserve, hit bank stocks hard. The Dow Jones Industrial Average, which sits at the top of the index, lost ground, with Wells Fargo and Bank of America both tumbling by more than 4 percent. Among utilities, phone companies and consumer staples, which saw the biggest percentage increases on the index, investors were also skeptical about the prospects for higher borrowing costs.

Other major indexes were also mixed, with energy and consumer staples stocks the few bright spots.

On Tuesday, stocks were mixed on Wall Street as the S&P 500 gained 0.5 percent, snapping a seven-day losing streak. The Dow Jones Industrial Average also closed in the green after falling in seven consecutive sessions. The Nasdaq Composite gained 0.1 percent on Tuesday.

Latest article