U.S. stock indexes were mixed midday Tuesday, as the market continued its indefinite, news-driven ways. News items included a strong showing in a regional manufacturing gauge, optimism surrounding trade talks with China and a looming House vote on changes to the Dodd-Frank law.
XThe Nasdaq and the S&P 500 added 0.1% each, while the Dow Jones industrial average slipped 0.1%.
Volume rose moderately on both major exchanges.
News was mostly positive, but the stock market appears to be in a mood that demands more evidence.
On Tuesday, there were conflicting reports on who had the upper hand in the China trade talks. Some saw President Trump winning and others said China was winning.
In the House, a vote to approve the Dodd-Frank package was expected this week, perhaps as early as Tuesday.
Also, the Richmond Federal Reserve's manufacturing gauge jumped from April's minus 3 reading to a positive 16 for May. The consensus estimate called for 10. The reading of 16 matched the highest estimate in the range, according to Econoday.
Banks, Steel Stocks Up
In the stock market, the day's top performers included steel and banks.
United States Steel (X) climbed above its 50-day line in brisk volume. But the stock remains 23% off its high.
ArcelorMittal (MT), the largest steel producer by market cap, popped 2% in strong volume. The stock is working on a consolidation and is 5% off its high. Arcelor is a wild stock in terms of earnings. The Stability Factor is 99 on a scale that runs from 0 (calm) to 99 (erratic).
Specialty metals maker Carpenter Technology (CRS) pegged a new high, but volume was quiet. The stock is too extended to buy.
Among banks, the money centers and superregionals were doing the best.
Top gainers in money centers included Dow Jones industrial component Goldman Sachs (GS), up 1%; fellow Dow 30 stock JPMorgan Chase (JPM), 1.5%; and UBS Group (UBS), 2.5%.
The leader among superregionals was Fifth Third Bancorp (FITB). The stock rose 3.5%, taking back some of Monday's 8% loss.
(For updates on this story and other market coverage, check IBD's stock market news today.)
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