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US markets closed mostly lower; Nasdaq reports minor gain

21 Jul 2017 Evaluate

The US markets closed mostly lower on Thursday, while the Nasdaq bucked the trend to match its best win streak since February 2015 and closed at a record. Economic news was solid and supportive of stocks, but a few earnings misses offset the positive impact from data.

On the economy front, manufacturers reported solid, but slowing, growth in July. The Philadelphia Federal Reserve said its manufacturing survey in July fell to 19.5 from 27.6 in June. The indexes for activity, new orders, shipments, employment and work hours were all positive but fell from June levels. The new-orders index in particular plummeted, to a reading of 2.1 from 25.9 in June. A similar report from the New York Fed released earlier this week also showed a deceleration in July. However, a broad measure of how well the US economy is performing surged in June after a strong gain in May, suggesting growth could speed up in the months ahead. The leading economic index jumped 0.6% last month after a revised 0.4% increase in May. The improvement in the index was spearheaded by strong housing permits after several months of weakness.

Meanwhile, the number of Americans who applied for unemployment benefits sank in mid-July and hovered near a 44-year low, reflecting the healthiest jobs market in more than a decade. Initial jobless claims in the period running from July 9 to July 15 fell by 15,000 to a seasonally adjusted 233,000. That matches the second-lowest level since the 2007-09 recession. Initial claims count people who apply for unemployment benefits after losing their jobs. New applications for benefits have been under 300,000 for 124 straight weeks, the longest streak since the early 1970s. The average of new claims over the past month, which gives a more stable picture of layoff trends, is similarly quite low. The four-week average slipped by 2,250 and stood at 243,750. Some 1.98 million people, meanwhile, have been collecting unemployment checks for more than one week. That represents an increase of 28,000.

The Dow Jones Industrial Average lost 28.97 points or 0.13 percent to 21,611.78, S&P 500 edged lower by 0.38 points or 0.02 percent to 2,473.45, while Nasdaq added 4.96 points or 0.08 percent to 6,390.00.


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