Nasdaq closes at all-time high as strong tech sector offsets jobless data
Nasdaq ended at a record high on Thursday, with the S&P 500 and Dow also rising, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve’s view of a difficult road to economic recovery.
Gains in Apple Inc - the only publicly listed U.S. company to cross the $2 trillion market value milestone - Amazon.com Inc and Microsoft Corp underpinned the three main indexes’ gains as investors bet they would ride out the economic crisis.
The Dow Jones Industrial Average ended up 46.85 points, or 0.17%, to 27,739.73, the S&P 500 gained 10.66 points, or 0.32%, to 3,385.51 and the Nasdaq Composite added 118.49 points, or 1.06%, to 11,264.95.
Stocks had opened lower on data that showed jobless claims rose unexpectedly back above the 1 million mark last week after slipping below that level for the first time since the start of the pandemic.
Separate data from the Philadelphia Fed showed a business conditions index fell more than expected in August.
European markets close lower after Fed flags uncertainty of U.S. recovery
European stocks closed lower on Thursday after the U.S. Federal Reserve struck a pessimistic tone over the country’s economic recovery prospects.
The pan-European Stoxx 600 closed almost 1.1% lower, with basic resources shedding 2.9% to lead losses as all sectors and major bourses slid into negative territory.
Reference: CNBC, Reuters
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