Stock prices were generally unchanged in light trading Wednesday as a major rally in Intel (INTC, +7%) and tame inflation data offset the spectacle of the U.S. House of Representatives' impeachment debate.
Intel, which features prominently in all three major indices, touched a six-month high on news it will replace CEO Bob Swan with VMware (VMW, -6.8%) CEO Pat Gelsinger next month. The chipmaker's stock was the top performer in the Dow Jones Industrial Average, which finished flat at 31,060.
Meanwhile, the Labor Department's monthly reading on consumer prices showed inflation remained muted in December, rising at a pace of just 1.4%. Bond yields eased on the inflation data, which also helped keep many stocks above water.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The benchmark S&P 500 ticked up 0.2% to finish at 3,809, while the tech-heavy Nasdaq Composite added 0.4% to close at 13,128.
Other action in the stock market today:
- The small-cap Russell 2000 index slipped 0.8% to 2,111.
- Gold futures rose 0.2% to $1,848.50 per ounce.
- Benchmark U.S. crude oil futures were off 0.6% at $52.91
- GameStop (GME) surged 58% after short interest in the videogame retailer’s stock exceeded the number of outstanding shares.
Investors should be looking beyond the day-to-day distractions in Washington, D.C.
Rather, they should be focusing on future stimulus measures, vaccine progress and the improved outlook for the economy.
"Many are expecting economic growth to surprise to the upside as more people get vaccinated and resume traveling, going out to eat, and other leisure activities," says Brian Price, head of investment management for Commonwealth Financial Network.
Against that backdrop, market strategists expect cyclical names like financial stocks to outperform. The same bullish view applies to midcap stocks, which typically outpace their larger peers as the economy recovers.
Indeed, many of the best stocks to buy for the year ahead have cyclical tailwinds. Have a look at some of the pros' favorite stock picks for 2021.
-
Oracle Stock Surges on Trump's Stargate ProjectOracle stock is higher Wednesday after President Trump announced the $500 billion AI-focused Stargate Project. Here's what you need to know.
-
Is Netflix Stock Still a Buy After Earnings, Price Hikes?Analysts were bullish on Netflix stock ahead of its earnings beat, but what is Wall Street saying now? We take a closer look.
-
Stock Market Today: Dow Adds 538 Points on First Trading Day of Second Trump AdministrationStocks rise while the White House issues a historic series of executive orders.
-
Stock Market Today: Stocks Jump Ahead of Trump InaugurationThe Dow and S&P 500 scored their biggest weekly gains since the early November election.
-
Stock Market Today: Stocks Pause After a Big RallyThe Nasdaq continues to lag the S&P 500 and the Dow so far in 2025.
-
Stock Market Today: Dow Pops 703 Points on Cooler InflationA benign reading from the Consumer Price Index report assuaged market fears about the path of borrowing costs.
-
Stock Market Today: Stocks Are Mixed Ahead of CPICool wholesale inflation numbers provide only slight relief before Wednesday's release of December Consumer Price Index data.
-
Stock Market Today: Dow Leads as UnitedHealth Stock PopsUnitedHealth was the best Dow Jones stock Monday on reports that Medicare Advantage payments could rise in 2026.
-
Stock Market Today: Dow Slides 697 Points on Super-Hot Jobs DataWhen the December nonfarm payrolls report hit the tape, there was no question which way stocks would go at Friday's opening bell.
-
Blowout December Jobs Report Puts Rate Cuts on Ice: What the Experts Are SayingJobs Report The strongest surge in hiring since March keeps the Fed on hold for now.
