The major averages have moved roughly sideways in recent trading, hovering above the unchanged line. The Dow is up 11.98 points or 0.2% at 17,098.61, the Nasdaq is up 8.71 points or 0.2% at 4,482.41 and the S&P 500 is up 3.43 points or 0.2% at 1,990.44.
The modest strength on
With the unexpected decrease, jobless claims fell to their lowest level since hitting 283,000 in the week ended
However, a separate
The report said new home sales tumbled 8.1% to an annual rate of 406,000 in June from the revised May rate of 442,000. Economists had been expecting new home sales to pull back by about 5.8%.
Markit Economics also released a report showing an unexpected slowdown in the pace of growth in US manufacturing activity in the month of July. Traders also continue to digest the latest batch of earnings news, leading to significant moves by a number of individual stocks.
Shares of Facebook (FB) have jumped by 7.1% after the social media giant reported better than expected second quarter results on strong mobile ad growth.
Computer accessories maker
On the other hand, shares of
After moving sharply lower over the course of the previous session, networking stocks have shown a strong move back to the upside on the day. The NYSE Arca Networking Index has risen by 1.5% after tumbling by 2.1% on Wednesday.
Internet and brokerage stocks are also turning in strong performances on the day, although buying interest has remained somewhat subdued.
On the other hand, housing stocks have come under pressure on the heels of the disappointing new home sales data, dragging the Philadelphia Housing Sector Index down by 2.1%.
Gold, oil service, and biotech stocks are also seeing notable weakness, helping to limit the upside for the broader markets.
In overseas trading, stocks across the
The major European markets also moved to the upside on the day. The French CAC 40 Index climbed by 0.8%, while the German DAX Index and
In the bond market, treasuries have come under pressure after creeping slightly higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.3 basis points at 2.507%.
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