US stocks closed higher on Wednesday, but the Nasdaq composite index edged higher.
The S&P 500 was little changed, while the Dow Jones industrial average closed higher by 1.1 percent.
The Dow was the biggest gainer.
US stocks have recovered strongly since the start of the year after the Trump administration announced it was delaying new US rules that would have forced financial institutions to hold more capital.
They are now more expensive to buy, making them attractive to people who can’t afford them.
“The stock market has recovered substantially in 2017, and that’s a great thing,” said Scott Walser, senior investment strategist at Pimco.
“But it is not a cure-all.
Investors are still exposed to the risks, and so far, the US stock markets have shown that.”
The S+P 500 rose 1.6 percent, while Nasdaq was up 2.3 percent.
“Investors have not fully recovered from the last several years, and investors are still looking for an answer to that problem,” Walsar said.
The Nasdaq is the most widely traded stock index, but its performance has been uneven.
“It’s very hard to tell what is going on at the company level, and at the margin, as the NasDAQ does not have a large impact on earnings and earnings growth,” Welser said.
“And while the company’s earnings are rising, the earnings of other companies are declining.
So you are getting this mixed bag.”
The Dow is up 17 percent so far this year.
The index is down 17 percent since January 2017.
“There’s still a lot of volatility around the Naschis,” Werser said, referring to the Nascomms.
“You might see an uptick in the Nasco-Nasdaq, which is what we’ve seen in the past.”
The Nasco, which tracks companies including Wells Fargo and Boeing, is up 7.7 percent so so far in 2017.
The average S&P 500 company is up 6.7 percentage points so far.
“In the last 10 years, the S&p 500 is up about 15 percent, and the Nas has gone up about 12 percent,” Wreser said of the Nas and the S+Ps.
“So if you were to average these up and say you are seeing a 10 percent drop in the S, you’d be talking about an average of around 20 percent.”