Stocks traded flat in a back-and-forth session Thursday as investors appeared to look past some recurring concerns about interest rates and take a dose of upbeat economic data at face value.
The Philadelphia Federal Reserve said regional manufacturing in June has had its strongest growth since April 2005. The bank’s index of regional manufacturing activity jumped to 18 from 4.2 in May. But the report had little effect on the market, although investors have been wary about any signs of economic strength that might lead the Federal Reserve to raise interest rates when its Open Market Committee meets next week.
Treasury yields moved in a narrow range after soaring Wednesday, and their calmer movements helped pacify some of the market’s interest rate concerns. The yield on the benchmark 10-year Treasury rose to 5.16 percent from 5.15 late Wednesday. (AP)