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Stocks on Wall Street have traded in a narrow range so far today, with the Dow oscillating between a range of fewer than 70 points. By early afternoon in New York, the Dow was trading down 0.3% at 15,037 and the S&P 500 was down 0.35% at 1650.3.
Technology stocks outperformed the broader market, though, with Apple gaining 1.9% at $512.0 and Dow component Intel climbing 2% to $22.40. This helped the NASDAQ 100 to rise 0.45% to 3088.
There has been a lack of major US economic data today, so the market has struggled for direction and volumes have been slight. Things aren’t really going to pick up in the economic reporting stakes until Wednesday, when we have existing home sales data and the minutes from the last FOMC meeting. The possibility of Fed action in terms of tapering has been grabbing a lot of attention from investors of late and so the FOMC minutes has the potential to be a real market mover, being the first firm piece of information in this regard for some time.
The last couple of weeks have been tough for the US stock market, with the Dow recording its biggest weekly drop of the whole year last week. We now are in something of a lull, following a slew of corporate earnings but with the market awaiting news from the Fed.