The S&P 500 index fell slightly, failing to carve another record high

ILUSTRASI. FILE PHOTO: A pedestrian with a mask walks past of the New York Stock Exchange (NYSE) in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson/File Photo

Reporter: Yudho Winarto | | Editor: Yudho Winarto |

KONTAN.CO.ID – NEW YORK. The S&P 500 Index closed lower on Thursday (13/8) after approaching February record highs. The market digests better-than-expected unemployment data and looks to the impasse in United States (US) stimulus negotiations.

Launch Reuters, The S&P 500 index fell 0.2% to 3,373.43. After having crossed a record high of 3,386.15 closing at the beginning of the session.

The Dow Jones Industrial Average was down 80.12 points, or 0.3%, at 27,896.72. The Nasdaq Composite outperformed, rising 0.3% to 11,042.50

Cisco Systems shares fell more than 11% on disappointing earnings guidance and led the Dow Jones’ decline.

Gap shares fell 2.1%. American Airlines and Southwest each fell more than 1.5%. Meanwhile, Apple shares rose 1.8% to close at a record high. Facebook and Netflix also closed higher.

Also Read: Wall Street consolidated even as US jobless claims fell

Concerns about the company’s earnings report continued even though the second quarter earnings season was largely stronger-than-expected.

“The earnings outlook in the next few quarters appears to be made easy by a lot of big companies,” said Peter Tuz, president of Chase Investment Advisors in Charlottesville, Virginia.

“This leaves the market sluggish without a real catalyst to push it and get past the hurdles for good,” he said, referring to the S&P 500 record.

Also limiting the decline, jobless claims fell below 1 million for the first time since efforts to contain the Covid-19 outbreak in the United States began five months ago.

Also Read: JCI predicted to weaken, see stock recommendations for Friday (14/8)

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Initial claims for state unemployment benefits fell to 963,000 for the week ended August 8, the lowest level since mid-March.

But the expiration of the US $ 600 weekly unemployment supplement at the end of July is likely to have contributed to the decline.

Data last week showed the economy recovered only 9.3 million from 22 million jobs lost between February and April, suggesting a long way to go to reach pre-pandemic levels.

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