Wall Street Close: Tech giants lift all boats, NDX prints fresh record
- DJIA ended up 46.85 points, or 0.17%, to 27,739.73.
- SPX gained 10.66 points, or 0.32%, to 3,385.51.
- NDX added 118.49 points, or 1.06%, to 11,264.95.
US benchmarks rose on Thursday, with the Nasdaq ending at a record high and the S&P500 closing10 pts higher despite 70% of its the stocks closing in the red.
Investors cheered the tech giants, Apple Inc AAPL, Amazon.com Inc AMZN and Microsoft Corp MSFT that combined multi trillions have underpinned the three main indexes' gains on Thursday despite the Federal Reserve's view of a difficult road to economic recovery.
Subsequently, the Dow Jones Industrial Average closed with a gain of nearly 0.2 percent, rising roughly 48 points after opening with a loss of 121 points. The tech-heavy Nasdaq closed 1 percent higher, and the S&P 500 index closed up 0.3 percent after opening with losses of 0.3 percent and 0.4 percent each.
Stocks had opened lower on the ongoing troubled jobs market with today's data in jobless claims rising back above the 1 million mark, almost 200k higher than expected.
The previous week’s outturn was also revised up although continuing claims nudged down.
Separate data from the Philadelphia Fed showed a business conditions index fell more than expected in August.
The volatility in jobless claims followed the lapse of an extra $600 weekly unemployment benefit at the end of July and came as Democrats in Congress have failed to reach an agreement with the White House on extending it.
On the trade war front, US-China trade deal developments had China saying they’d have a call “soon” and a US commerce ministry spokesperson saying “they’ll be in touch”.
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