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US Stocks Notch Modest Gains           06/11 16:13

   Wall Street closed out a mostly listless week Friday with a wobbly day of 
trading that helped nudge the S&P 500 to its third straight weekly gain.

   (AP) -- Wall Street closed out a mostly listless week Friday with a wobbly 
day of trading that helped nudge the S&P 500 to its third straight weekly gain.

   The benchmark index edged up 0.2% after spending much of the day in the red. 
The small uptick was enough to lift the S&P 500 to an all-time high for the 
second day in a row.

   Technology companies and banks accounted for much of the upward move. The 
gains were offset by a broad slide in health care, energy and real estate 
stocks. Bond yields were mixed.

   With the exception of select "meme" stocks like GameStop and AMC 
Entertainment hyped by individual investors in online forums, the broader 
market was relatively quiet this week. Investors remain in wait-and-see mode 
ahead of the Federal Reserve's upcoming meeting of policymakers Wednesday.

   Wall Street is keen for clues about how much of a threat the central bank 
deems rising inflation as the economy emerges from its pandemic-induced 
recession, and whether the Fed has begun considering beginning to taper its 
support for the economy.

   "No one is suggesting that it will be at this meeting, but the market is 
poised for the Fed to at least even tangentially suggest that they're 
discussing" tapering, said Quincy Krosby, chief market strategist at Prudential 
Financial.

   The S&P 500 rose 8.26 points to 4,247.44. The Dow Jones Industrial Average 
added 13.36 points, or less than 0.1%, to 34,479.60. The Nasdaq gained 49.09 
points, or 0.4%, to 14,069.42. The tech-heavy index also notched a weekly gain.

   Investors bid up shares in smaller company stocks. The Russell 2000 index 
picked up 24.40 points, or 1.1%, to 2,335.81. The index is up 18.3% this year, 
outgaining the S&P 500's advance of 13.1% and the Nasdaq's 9.2% gain.

   Among the winning technology and financial stocks were chipmaker Nvidia, 
which rose 2.3%, and Wells Fargo, which gained 1.3%. Several retailers also 
rose. V.F. Corp., maker of Vans shoes and other apparel, climbed 4.7% for the 
biggest gain in the S&P 500, while Gap rose 3.2% and L Brands gained 2.3%.

   Traders dumped shares in several health care companies after they issued 
disappointing development updates. Vertex Pharmaceuticals dropped 11% after 
telling investors it will end development of a potential treatment for a 
genetic condition that targets the liver. Incyte fell 5.7% as its potential 
eczema cream ruxolitinib faces a delayed regulatory review. The two stocks 
topped the list of decliners in the S&P 500.

   Investors were relieved to see Thursday that a much-anticipated report 
showed that a big rise in consumer-level inflation last month was mostly 
attributed to temporary factors. That could mean less pressure on the Fed to 
pull back on its measures supporting the economy.

   "You kind of have this notion that worries about inflation from the investor 
base might have peaked," said Ross Mayfield, investment strategist at Baird.

   A significant share of May's rise in consumer prices was tied to the sale of 
used cars, which is largely attributed to purchases by rental car companies 
beefing up their fleets as people return to traveling.

   Bond yields were mixed Friday, though the yield on the closely watched 
10-year Treasury note was trading at 1.46%, down from 1.57% a week ago. Yields 
have been mostly headed lower this week despite reports showing more strength 
in the economy and possible signs of inflation.

 
 
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