Nasdaq Composite books 4th straight loss as stock-market rebound fades in final hour of Wednesday trade – MarketWatch

U.S. stock-market benchmarks closed slightly higher but well off the best levels of Wednesday’s trade as Wall Street attempted to recover some of the losses from Tuesday’s yield-fueled rout. The Dow Jones Industrial Average DJIA, -0.13% closed up by about 90 points, or 0.3%, to 34,391, on a preliminary basis; the S&P 500 index SPX, +0.15% advanced 0.2% to around 4,359, while the Nasdaq Composite Index COMP, +0.48% declined 0.2% at 14,512 to mark the fourth straight decline. Renewed concerns about too-hot inflation, which could force the Federal Reserve to ramp up interest-rate hikes, is causing friction in equity markets. The 10-year Treasury note yields [ss: BX:TMUBMUSD10Y] 1.540%, up from 1.534% on Tuesday. A number of other concerns, including those centered on the debt limit and the worries about weakening economic output, are also buffeting bulls.
Sept. 30 marks the end of the federal government’s fiscal year, and the deadline for Congress to pass a funding measure. The debt ceiling, which is the amount of money the Treasury Department is authorized to borrow, must be suspended or raised by mid-October, or the U.S. likely will default on its debt.