Michael Smyth, left, works with fellow traders on the floor of the New York Stock Exchange, Wednesday, March 26, 2014. The stock market opened higher Wednesday after a strong report on American manufacturing. The maker of the hit game “Candy Crush Saga” flopped in its market debut.(AP Photo/Richard Drew)
NEW YORK (AP) — The stock market continued its recent pattern of one step forward, one step back.
After starting the day higher following an encouraging report on orders for manufactured goods, stocks drifted lower in afternoon trading Wednesday and gave up their gains from a day earlier. Facebook led the technology sector lower as investors gave the company’s latest acquisition the thumbs-down.
The Standard & Poor’s 500 index fell the most in two weeks and is now flat for the year. Investors are waiting for a catalyst that will either push the market higher or cause a sustained sell-off. Many anticipate that the stock market will resume its upward trajectory later in the year as the economy strengthens following an unusually harsh winter.
“We’re going through this back and forth, I would call it a consolidation phase, Login to read more