S&P 500 and Nasdaq end Thursday slightly higher as summer rally struggles; European markets close higher following choppy day’s trade
The S&P 500 and Nasdaq Composite rose slightly higher Thursday as traders fought to resurrect the recent market rally that slowed earlier this week.
The S&P 500 rose 0.23% to settle at 4,283.74, while the Nasdaq inched 0.21% higher to 12,965.34. The Dow Jones Industrial Average added 0.06%, or 18.72 points, to 33,999.04.
Thursday’s move bring the Dow and S&P 500 into positive territory for the week, up 0.7% and 0.08%, respectively. The Nasdaq is down 0.63%.
Retail earnings continued Thursday with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. The results offered insight into the health of the consumer. Kohl’s shares slid after the company cut its guidance while BJ’s Wholesale jumped after topping estimates.
More data released Thursday provided clues into the state of both the jobs and housing markets. Initial jobless claims fell to 250,000 for the week ended Aug. 13, while existing home sales dropped nearly 6% in July.
The pan-European Stoxx 600 was up 0.3% by the end of the day, having reversed earlier losses. Oil and gas and tech added 1.7% and 1.2%, respectively, while retail stocks slid 1.5%. Investors in Europe were attuned on Thursday to July’s final euro zone inflation print, which confirmed that annual consumer price increases across the 19-member currency bloc hit a record high 8.9%.
Adyen shares plunged more than 11% in early trade to the bottom of the Stoxx 600 after the Dutch payments company missed first-half earnings expectations.
Source: CNBC, Investing.com