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Early Rise in Stocks Fades to Mixed    06/23 11:29

   A morning gain on Wall Street was fading away at midday Wednesday, leaving 
major indexes mixed. 

   (AP) -- A morning gain on Wall Street was fading away at midday Wednesday, 
leaving major indexes mixed. Investors are still trying to parse emerging signs 
of inflation and judge whether they will be transitory, as the Federal Reserve 
thinks they will.

   The S&P 500 remains slightly below the record high it set more than a week 
ago. The benchmark index has recovered all its losses from last week, when the 
Fed's comments on eventually tapering its support for the economy raised 
anxiety levels in the markets.

   The S&P 500 was little changed as of 11:44 a.m. Eastern time. The Dow Jones 
Industrial Average fell 9 points, or less than 0.1%, to 33,941 points and the 
Nasdaq rose 0.2%.

   Exxon Mobil, Chevron and other energy companies were among the biggest 
gainers helping to push the market higher as crude oil prices rose 1%. Cruise 
lines, hotels and casinos were among some of the companies that rely on direct 
consumer spending also making solid gains.

   There is still a lot of churn within the broader market. Slightly more 
stocks were rising than falling within the S&P 500. Health care companies were 
among the sectors sliding lower.

   On Tuesday, Fed Chair Jerome Powell said the central bank still believes the 
current increases in inflation will prove to be temporary. Prices for 
commodities, cars, and a range of other goods have been rising as demand 
outpaces supply amid a quickly recovering economy. The central bank has said 
that will eventually level off and ease rising inflation.

   Investors are concerned that if the Fed is wrong and higher inflation is 
longer lasting, the central bank will then have to ease up on its support for 
the economy, which include slowing its $120 billion of monthly bond purchases, 
which are helping to keep mortgages and other longer-term borrowing cheap.

   Investors will get another piece of data on Friday to gauge rising inflation 
when the Commerce Department releases its personal income and spending report 
for May.

   Bond yields edged higher. The yield on the 10-year Treasury rose to 1.49% 
from 1.47% late Tuesday.

   Homebuilders slipped following a report that showed sales of new homes in 
May fell short of economists forecasts. Lennar fell 1.4% and D.R. Horton fell 
1.1%.

   European markets were mostly lower. The DAX in Germany slipped 0.9%, the CAC 
40 in France fell 0.8%. The FTSE 100 in London rose 0.1%. Asian markets were 
mixed.

 
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