Stocks Flat As Mixed Economic Data Lacks Direction
Stocks were little changed Wednesday, drifting in a paper-thin range ahead of the Federal Reserve this afternoon releasing its latest Beige Book assessment of economic conditions in its 12 member districts. Early weakness tied to a below-consensus rise in private payrolls along with a wider trade deficit evaporated when the services sector showed considerable improvement during May. Equities are also feeling competitive pressure from the Treasury market with yield-hungry investors eyeing a 2.60% yield for 10-year notes.
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