US markets closed mostly lower; Dow reports minor gains

16 Mar 2018 Evaluate

The US markets closed mostly lower on Thursday, with the S&P 500 slipping for a fourth session, marking its worst string of losses so far this year, as worries about an escalating trade war overshadowed robust economic data. However, the Dow snapped a three-day losing streak as economy-sensitive blue chips outperformed the broader market. Worries are persisting this week about a potential global trade war after President Donald Trump said Wednesday his administration will seek to trim the US’s trade deficit with China by $100 billion. The announcement follows comments the previous day that he wants to impose up to $60 billion in tariffs on Chinese goods.

On the economy front, the rate of layoffs in the US as measured by initial jobless claims fell slightly in early March and clung near a 50-year low - a boon for workers and a headache for employers looking to hire. Initial US jobless claims declined by 4,000 to 226,000 in the seven days ended March 10. The more stable monthly average of claims dropped by 750 to 221,500. The number of people already collecting unemployment benefits, known as continuing claims, rose by 4,000 to 1.88 million. Yet these claims dropped below 2 million last spring for the first time since 2000 and have remained there ever since.

Separately, two gauges of manufacturing sentiment reflected continued solid activity in March. The Philadelphia Fed manufacturing index slipped to a reading of 22.3 in March from 25.8 in February. The Empire State Index, which had been lagging Philly, jumped to a reading of 22.5 in March from 13.1 in February. In Philadelphia, the details were much stronger than the headline. The new orders gauge rose to 35.7 from 24.5. The shipments gauge also jumped to 32.4 from 15.5. The prices paid index fell 2 points to 42.6, but remained near last month’s reading which was the highest since 2011. In the New York region, the shipment gauge jumped 14.5 points to 27. New orders had a smaller, 3.3-point gain to 16.8. The prices paid rose again to 50.3 from 45, its highest level in six years.

The Nasdaq dropped 15.07 points or 0.20 percent to 7,481.74, the S&P 500 was down by 2.15 points or 0.08 percent to 2,747.33, while the Dow Jones Industrial Average added 115.54 points or 0.47 percent to 24,873.66.

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