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  3. US markets end mostly higher on Thursday

US markets end mostly higher on Thursday

15 Jun 2018 Evaluate

The US markets ended mostly higher on Thursday as markets get accustomed to the idea of investing with less of a safety net from central banks around the world. Sentiments remained up-beat with European Central Bank detailing a timeline for its bond-buying program, as well as its interest-rate policy. Traders digested the European Central Bank’s highly anticipated monetary policy announcement, with the ECB revealing plans to wind down its massive bond-buying program. The ECB is planning to trim the monthly pace of its net asset purchases to 15 billion euros from 30 billion euros after September before completely ending the program at the end of December. Meanwhile, the ECB left interest rates unchanged and said it expects rates to remain at their present levels at least through the summer of 2019.

Buying was also witnessed after release of some upbeat economic data, including a report from the Commerce Department showing a much bigger than expected increase in retail sales in the month of May. The Commerce Department said retail sales jumped by 0.8 percent in May after climbing by an upwardly revised 0.4 percent in April. Economists had expected retail sales to rise by 0.4 percent. Excluding sales by motor vehicle and parts dealers, retail sales still surged up by 0.9 percent in May following a 0.4 percent increase in April. Ex-auto sales had been expected to climb by 0.5 percent. A separate report from the Labor Department unexpectedly showed a modest decrease in initial jobless claims in the week ended June 9th. The report said initial jobless claims edged down to 218,000, a decrease of 4,000 from the previous week’s unrevised level of 222,000. The street had expected initial jobless claims to inch up to 224,000.

The Nasdaq gained 65.34 points or 0.9 percent to 7,761.04 and the S&P 500 advanced 6.86 points or 0.30% to 2,782.49 while the Dow Jones Industrial Average was down by 25.89 points or 0.10 percent to 25175.31.

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