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  3. US markets closed mostly lower; Dow reports minor gains

US markets closed mostly lower; Dow reports minor gains

04 Aug 2017 Evaluate

The US markets closed mostly lower on Thursday, while the Dow industrials logged a seventh consecutive all-time high. Investors are leaning a little bit more cautiously simply for the very, very near term because of bullish sentiment being higher than normal. On the economy front, a reading of service-sector activity slowed in July to the weakest rate of growth in 11 months. The Institute for Supply Management said its nonmanufacturing index fell to 53.9% in July from 57.4% in June. Gauges for production, new orders, employment, deliveries, inventories, order backlogs and new-export orders all decelerated.

On the other hand, applications for unemployment benefits fell in late July and remained near a 44-year low, highlighting the strength of a US labor market that’s showing little sign of waning. Initial jobless claims from July 23 to July 29 declined by 5,000 to 240,000. New claims count people who apply for unemployment benefits after losing their jobs. The average of new claims over the past month, which gives a more stable picture of layoff trends, also fell slightly to 241,750. New applications for benefits have totaled less than 300,000 for 126 straight weeks, extending the longest streak since the early 1970s. The number of people already collecting unemployment checks, known as continuing claims, edged up by 3,000 to 1.97 million. Yet these claims have been under 2 million for 17 straight weeks, also the longest stretch since the early 1970s. Factory orders jumped 3% in June, the first gain after two consecutive monthly declines. Aircraft orders pushed up orders for durable goods to a revised 6.4% gain in June compared with the prior estimate of a 6.5%. Orders excluding transportation orders slipped 0.2% in June. Orders for nondurables fell 0.3%.

The Nasdaq lost 22.31 points or 0.35 percent to 6,340.34, the S&P 500 edged lower by 5.41 points or 0.22 percent to 2,472.16, while the Dow Jones Industrial Average added 9.86 points or 0.04 percent to 22,026.10. 


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