How major USA stock indexes fared Thursday Consumer News

by Ben Pena August 12, 2018, 16:14
How major USA stock indexes fared Thursday Consumer News

The benchmark Dow Jones Industrial Average and broader S&P 500 finished the week at a loss while the tech-heavy Nasdaq posted a slender gain. The S&P technology index fell 0.8 per cent, with Intel down 2.6 per cent after Goldman Sachs downgraded the stock to "sell". Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

"Problems in emerging markets are more important than ever because of the global growth engine that emerging markets have become", Peter Cecchini, chief market strategist at Cantor Fitzgerald in NY, wrote in a note.

Shares of Apple (AAPL.O) rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent.

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market counter ongoing trade tensions.

The Dow Jones Industrial Average fell 69.30 points, or 0.27%, to 25,514.45, the S&P 500 erased 3.57 points, or 0.12%, to 2,854.13 and the Nasdaq Composite gained 5.03 points, or 0.06%, to 7,893.35.

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Seven of the 11 main S&P sectors were higher.

The Dow is up 593.92 points, or 2.4 per cent.

Crude oil prices failed to make a decisive recovery on Thursday even though the USA sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower. Tribune shares rose 2.9 percent. "You have banks losing because the 10-year U.S. Treasury (yield) came down".

Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry saying upside to estimates is hard to come by. Micron also fell 1.1 percent. Advancing issues outnumbered decliners by a 1.72-to-1 ratio on the Nasdaq.

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now".

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