Dow gainers were led by Microsoft Corp while Boeing led the Dow decliners
U.S. stocks closed slightly higher on Tuesday, 21 June 2016 after trading within a narrow range after Federal Reserve Chairwoman Janet Yellen cautioned that the U.K. leaving the European Union posed a risk while new polls showed support for the stay camp growing.
The Dow Jones Industrial Average which traded within a 78-point range, advanced 24.86 points, or 0.1%, to close at 17,829.73. The Nasdaq Composite Index declined 6.55 points, or 0.1%, to finish at 4,843.76, after trading within a 26-point range. The S&P 500 rose 5.65 points, or 0.3%, to close at 2,088.90, led by gains in energy and telecom shares.
Four of the S&P's 10 sectors were in negative territory, with materials stocks leading the losses.
Dow gainers were led by Microsoft Corp while Boeing led the Dow decliners.
In her testimony to the Senate Banking Committee, Yellen said a victory for the leave camp in this week's U.K. referendum on membership in the EU would pose a significant risk to the U.S. economy and global financial market stability, and reiterated the cautious approach to raising interest rates that the Federal Open Market Committee signaled last week when it stood pat on U.S. interest rates.
A U.K. referendum on whether Britain will exit the EUknown as Brexitwill be held Thursday, and while polls have been mixed, some have leaned toward the U.K. remaining a member of Europe's trade bloc, which has dulled haven demand for metals.
Global markets have been bracing for the possibility that a Brexit would unsettle markets, even temporarily. Surveys gauging the likelihood of a Brexit have been volatile, with polls in early June showing gains in the pro-leave camp driving investors into assets perceived as safe, including the Japanese yen.
Bullion prices ended lower at Comex on Tuesday, 21 June 2016. Gold futures finished at their lowest level in almost two weeks on Tuesday, suffering a third-straight session decline as some investors bet that the U.K. will vote to remain in the European Union.
Gold for August delivery shed $19.60, or 1.5%, to settle at $1,272.50 an ouncethe lowest settlement since 8 June 2016. July silver fell 19.5 cents, or 1.1%, to $17.319 an ounce.
Oil futures finished with a loss on Tuesday, 21 June 2016 pulling back from their highest level in more than a week as investors weighed continued uncertainty ahead of the U.K. referendum on European Union membership and its potential impact on energy demand. The moves came ahead of weekly data that are expected to show a decline in U.S. crude supplies.
July West Texas Intermediate crude lost 52 cents, or 1.1%, to settle at $48.85 a barrel on the New York Mercantile Exchange after touching a low of $48.16. It had climbed over the past two trading sessions to settle Monday at the highest level since June 9. The July contract expired at the settlement. August WTI crude which became the front-month contract, settled at $49.85, down 11 cents, or 0.2%.
There was no economic data of note released at Wall Street today.
The Treasury complex settled lower as the yield on the 10-yr note rose one basis point to 1.70%.
Today's volume was below the recent average as fewer than 831 million shares changed hands on the NYSE floor.
Tomorrow's data will include the weekly MBA Mortgage Index and the FHFA Housing Price Index, which will be released at 7:00 ET and 10:00 ET, respectively. Finally, Existing Home Sales for May (consensus 5.50 million) will cross the wires at 10:00 ET.
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