US stocks mixed as S&P 500 approaches record

TEXAS: Wall Street stocks opened mixed Wednesday, with traders digesting the recent rally on the Iran-Israel ceasefire as the S&P 500 moved within striking distance of another record.

Stocks have strengthened from a rough patch earlier this spring amid President Donald Trump’s most aggressive trade actions. The improving dynamics in the Middle East have been the latest positive driver.

“The market is resilient,” said Adam Sarhan of 50 Park Investment. “And you’re almost at new all-time highs. That is extremely impressive.”

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 43,016.03.

The broad-based S&P 500 added 0.1 percent to 6,098.54, about 45 points from its all-time record, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 20,000.24.

Read Relevant: PSX closes strong after Middle East ceasefire, easing inflation

Among individual companies, FedEx fell 5.5 percent after the shipping company did not provide a full-year forecast, citing uncertainty about the global trade outlook and tariffs.