Russell 2000 trims gains
The Russell 2000 (NYSE:IWM) has eased off its earlier highs while the other major U.S. indices are holding on to larger gains.
At 12:01 p.m. ET, the small-cap index had added 1.40 points, or 0.20%, to 693.79. The Dow Jones Industrial Average was up 35.82 points, or 0.29%, to 12,338.28.
Small-cap stocks have been seesawing as investors digest news of the latest economic numbers.
The U.S. Commerce Department reported before the start of trading that personal income rose a more-than-expected 0.5% in February, beating expectations of a 0.3% increase.
The same report also showed that personal consumption increased 0.1%, above projections but below January’s 0.4% climb. Also, a key measure of core inflation climbed just 0.1%, putting 12-month inflation within the U.S. Federal Reserve’s target range.
However, the Reuters/University of Michigan survey released after the opening shows that U.S. consumer confidence tumbled more than expected in March, falling to its lowest level in more than a decade and indicating a recession.
The Russell 2000 has been volatile, declining from its morning session high and falling into the red shortly before 11 a.m. ET, but lifting its head about an hour later.
Shares of companies making construction and agriculture machinery are the best performing industry group; however, small-cap Semitool Inc. (Nasdaq:SMTL) is not part of the party. The Kalispell, Mont.-based maker of equipment for use in the fabrication of semiconductor devices is seeing its stock decline 1%.
Meanwhile, companies offering school services are the worst performing industry group. Shares of online postsecondary education provider American Public Education, Inc. (Nasdaq:APEI) are down, as are shares of Santa Ana, Calif.-based post-secondary education company Corinthian Colleges, Inc. (Nasdaq:COCO).
