Wall Street steadies itself as Alphabet pulls tech stocks higher
By STAN CHOE, AP Business Writer
NEW YORK (AP) — Wall Street is steadying on Wednesday as Alphabet and other technology stocks rise.
The S&P 500 added 0.1% and was on track to break its two-day losing streak since setting its latest all-time high. The Dow Jones Industrial Average was down 293 points, or 0.7%, as of 1:47 p.m. Eastern time, and the Nasdaq composite was 0.7% higher.
Google’s parent company was one of the strongest forces lifting the market and climbed 8.8% after avoiding some of the worst-case scenarios in its antitrust case. A federal judge on Tuesday ordered a shake-up of Google’s search engine but did not force a sale of its Chrome browser.
Because Alphabet is one of Wall Street’s most valuable companies, its stock movements carry more weight on the S&P 500 and other indexes than the typical company’s.
Also helping to steady Wall Street was a calming bond market. A day earlier, rising yields for government bonds around the world raised the pressure on the stock market. Yields climbed on worries about governments’ abilities to repay their growing mountains of debt, as well as concerns that President Donald Trump’s pressure on the Federal Reserve to cut short-term interest rates could lead to higher inflation in the long term.