The major indexes went from modestly red to modestly black in afternoon trades Wednesday, as Fed chief Janet Yellen gave guarded comments on monetary policy.
The Nasdaq, hurt by weakness in biotech and fiber-optic stocks, had been down but eventually ventured into positive territory and was up 0.1%. The S&P 500 managed a 0.4% gain despite being negative earlier.
The 30 component stocks in the Dow Jones industrial average went from mixed to up nearly half a percent.
The indexes managed to go positive despite companies like Nike (NKE), which fell 4.3% following its earnings report Tuesday. Volume was tracking more than five times the average -- a huge increase for a stock that normally trades a hefty 8.4 million shares a day. The Dow was off less than 0.1%.
Volume was tracking lower on the NYSE and higher on the Nasdaq. Winners led losers by 9-to-7 on the NYSE, but losers had a slight advantage over winners on the Nasdaq.
The indexes started erasing small gains at 10 a.m. ET, about the time that prepared remarks from Federal Reserve Chairwoman Janet Yellen were made public. Yellen is testifying before a House panel on financial regulation, but she did note that the pace of interest-rate hikes has no set timetable. There were no major headlines out of her testimony.
Weakness continued in restaurant stocks for the second day in a row after Sonic (SONC) warned late Tuesday that adjusted EPS for the August-ended quarter will be 43 to 45 cents a share, below estimates. It also said same-store sales for the quarter fell 2.0%. The drive-through chain blamed "lower consumer spending in restaurants and continued aggressive competitive activity."
Other restaurants falling in unusually heavy volume were Jack in the Box (JACK), which had slipped below its 50-day moving average for the first time since May 11, but recovered enough to hover just above it. Dave & Buster's (PLAY), which slid 4.2% to the lowest level since May.
Papa John's International (PZZA) fell 1.3% but remained above its new buy point at 78.19. Panera Bread (PNRA) lost nearly 1% as its nearly three-week decline showed no signs of abating.
Energy and metals stocks were among the best performing of today's trading.
Metals stocks were higher, and Insteel Industries (IIIN) climbed 2.6% to a new high. The stock had been tiptoeing around the 35.78 buy point of a base-on-base pattern, and Wednesday's rally took shares well into buy range.
Advanced Energy Industries (AEIS) broke out past the 47.57 buy point of a base-on-base formation. But the stock erased most gains and slipped below the entry, down 1.1% in recent action. Volume also was lackluster for the electric power technology company.
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