Stock Market Today

Stock Market Today: Stocks Flat Amid Drama in D.C.

The impeachment debate and light volume made for a choppy session that ended with the major indices little changed.

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.

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.

Most Popular

The 15 Best Stocks for the Rest of 2022
stocks to buy

The 15 Best Stocks for the Rest of 2022

The lesson of the past two years: Be ready for anything. Our 15 best stocks to buy for the rest of 2022 reflect several possible outcomes for the seco…
June 21, 2022
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
Retirement Comfort: How to Avoid Running Out of Money
retirement planning

Retirement Comfort: How to Avoid Running Out of Money

When it comes to retirement planning, one thing all of us worry about is whether we will have enough money to last. Financial professionals can help y…
June 25, 2022

Recommended

Micron Technology Earnings Expected to Show Strong Growth
stocks

Micron Technology Earnings Expected to Show Strong Growth

Our preview of the upcoming week's earnings reports includes Micron Technology (MU), Nike (NKE) and Walgreens Boots Alliance (WBA).
June 27, 2022
Stock Market Today (6/24/22): Stocks Stick the Landing in Successful Short Week
Stock Market Today

Stock Market Today (6/24/22): Stocks Stick the Landing in Successful Short Week

Small hints that inflation might have peaked and that the U.S. might evade recession stoked broad buying Friday.
June 24, 2022
Could Buffett Buy Out Occidental (OXY)?
stocks

Could Buffett Buy Out Occidental (OXY)?

All in, Berkshire Hathaway now owns a third of energy firm Occidental Petroleum. One analyst thinks Buffett might make a play for the rest.
June 24, 2022
Kiplinger's Weekly Earnings Calendar
stocks

Kiplinger's Weekly Earnings Calendar

Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.
June 24, 2022