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Dow, Nasdaq rise slightly; S&P index falls
NEW YORK — Wall Street finished mixed in another seesaw session Wednesday after regulators allowed Fannie Mae and Freddie Mac to buy more mortgages and Federal Reserve Chairman Ben Bernanke said the central bank will remain vigilant about the weakened economy.
Investors pared the market's gains after both developments had initially boosted confidence amid increasing signs of a slowing economy. Wall Street has in recent months grappled with concerns about rising prices, a weaker dollar and continued turmoil in the credit markets.
Major indexes initially moved higher before investors cashed in profits, following a pattern set in recent weeks. The Dow Jones industrial average — now up four straight sessions — rose 9.36, or 0.07 percent, to 12,694.28. Broader indexes were narrowly mixed. The Standard & Poor's 500 index fell 1.27, or 0.09 percent, to 1,380.02, and the Nasdaq composite index rose 8.79, or 0.37 percent, to 2,353.78.
Bond prices rose slightly. The yield on the benchmark 10-year note, which moves opposite its price, fell to 3.85 percent from 3.86 percent late Tuesday.
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