Stocks moved mostly higher over the course of the trading day on Thursday, more than offsetting the modest weakness seen in the previous session. With the gains on the day, the S&P 500 reached another new record closing high.
The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow rose 65.56 points or 0.4% to 16,698.74, the Nasdaq climbed 22.87 points or 0.5% to 4,247.95 and the S&P 500 advanced 10.25 points or 0.5% to 1,920.03.
The strength on
The report said initial jobless claims fell to 300,000 in the week ended
Meanwhile, revised data from the
While a majority of the major sectors moved higher on the day, most finished the session showing relatively modest moves. Tobacco, oil service, chemical, software, and internet stocks saw some strength on the day.
Commodities, Currency Markets
Crude oil futures are falling
Among currencies, the US dollar is trading at
Asian stocks moved mostly lower on Friday following the disappointing US GDP data. Investors were also looking ahead to official Chinese manufacturing data slated for release over the weekend as well as next Thursday's monetary policy meeting at the
Japanese shares ended slightly lower, snapping a six-day winning streak as investors locked in some profits. The
Brokerage and pulp and paper stocks led the way lower. Heavyweight
Official figures showed Japanese consumer prices rose at their fastest pace in 23 years in April, diminishing chances for further easing by the
The Japanese jobless rate came in at a seasonally adjusted 3.6% in April, unchanged from the previous month and in line with expectations, while industrial output fell more than expected in April.
Australian shares fell as an extended sell-off in iron ore prices hurt miners. The All Ordinaries Index slid 25.40 points or 0.5% to 5,473.80. Mining giants BHP Billiton and
In economic news, total private sector credit in
On the other hand,
The major European markets have moved to the downside on the day. While the German DAX Index is just below the unchanged line, the
In corporate news,
Bucking the downtrend trend,
On the economic front, German retail sales unexpectedly fell in April after rising for three consecutive months, Destatis said. Retail sales in April declined by 0.9% from March, when sales edged up by 0.1%. Sales were expected to rise 0.2%.
US Economic Reports
The report showed that personal income rose by 0.3% in April following a 0.5% increase in March. The increase marked the fourth straight month of growth and matched expectations.
On the other hand, the
MNI Indicators said the
With the much bigger than expected increase, the business barometer bounced well off the seven-month low set in March to reach its highest level since last October.
Thomson Reuters and the
The consumer sentiment index for May is expected to be upwardly revised to 82.5 from the mid-month reading of 81.8, which was down from 84.1 in April.
Richmond Fed President
Stocks in Focus
Meanwhile, teen apparel retailer Pacific Sunwear (PSUN) is likely to come under pressure after the company reported a narrower than expected first quarter loss but provided disappointing guidance.
Shares of Express (EXPR) are also likely to see early weakness after the apparel retailer reported weaker than expected first quarter earnings and forecast second quarter earnings below analyst estimates.
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