Major Wall Street indices closed lower on Thursday on a low trading day after record highs earlier in the session on strong US data, including falling weekly unemployment claims.
With one trading day remaining, the S&P 500 is expected to end the year up more than 27%. The Nasdaq is expected to rise about 23%. The Dow Jones annual high is expected to approach 20%.
Each of the major Wall Street indexes is headed for the sharpest three-year gain from 1997 to 1999. The Dow Jones fell 0.25% to 36,398 points. The S&P 500 lost 0.3% to 4,778 points. The Nasdaq retreated 0.16% to 15,741 points.
Four of the 11 major S&P 500 industry indices traded higher, led by real estate. Investors reacted to data in the US Department of Labor report that the number of Americans who filed for unemployment benefits had fallen, to 198,000 seasonally adjusted in the week before Christmas, from 206,000 revised in the previous week.
Economists polled by Reuters predicted weekly orders would rise to 208,000. In other strong US data, the Chicago Purchasing Managers Index (PMI) was 63.1, up 1.3 points month-on-month and 1.1 points above consensus.
A PMI number above 50 means expanded activity from the previous month.
“The strong data from manufacturers in Chicago and an impressive initial jobless claims number continue to show a very healthy economy and one that obviously overshadows ongoing concerns with the Ômicron variant,” said Ryan Detrick, chief market strategist.
Reference: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
