Stock market today: Wall Street holds steadier following its worst day in weeks

The S&P 500 was 0.2% higher in morning trading and clawing back a bit of its 0.7% loss from the prior day. The Dow Jones Industrial Average was up 64 points, or 0.2%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.

Traders took encouragement from a report on Wednesday morning showing that construction, retail and other U.S. services businesses continued to grow last month, but not by as much as economists expected. Perhaps more importantly, the report from the Institute from Supply Management also said that an index of prices paid was at its lowest level since March 2020. That's an encouraging trend for inflation.

In the bond market, yields rose to raise the pressure on stocks. The 10-year yield climbed to 4.39% from 4.36% late Tuesday. It trimmed its advance following the cooler-than-expected report on U.S. services businesses. In stock markets abroad, European indexes were mixed amid modest movements. A report showed that inflation in Europe cooled by more than expected in March, but analysts say that might not be enough to move up the European Central Bank's first cut to interest rates.

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