The Dow, S&P, Nasdaq all ended within 0.6% of record highs on Wednesday
America store The market changed little as investors weighed the unexpected increase in first-time jobless filings against a flurry of better-than-expected earnings reports.
The Dow Jones Industrial Average fell 7 points, or 0.02%, while the S&P 500 and Nasdaq Composite advanced 0.07% and 0.19%, respectively. All three major averages closed within 0.6% of their respective record peaks on Wednesday.
|Me: DJI||dow jones average||34739.6||-58.40||-0.17%|
|me: comp||NASDAQ Composite Index||14662.695496||+30.74||+0.21%|
On the economic front, 419,000 Americans applied for jobless benefits for the first time last week, the Labor Department said Thursday. Wall Street analysts polled by Refinitiv were expecting 350,000 filings. Meanwhile, continuous claims fell to 3.236 million, the lowest since March 2020.
In stocks, earnings reports continued.
American Airlines Inc posted quarterly profit for the first time in six quarters, helped by a rebound in travel and more than $1 billion in federal support.
Rival Southwest Airlines Co. said its quarterly loss has narrowed and it “expects” it to be profitable for the rest of the year as leisure travel picks up. The airline said it turned cash flow positive in June.
|came||American Airlines Group, Inc.||21.38||-0.02||-0.09%|
|LUV||Southwest Airlines Company||51.90||-1.24||-2.33%|
CSX Corp. Its quarterly profit more than doubled as the rail operator carried 27% more freight than a year ago.
Meanwhile, Domino’s Pizza, whose global sales grew 17.1%, announced a new $1 billion buyback plan.
AT&T Inc. reported strong wireless subscription additions, driven by more customers switching to 5G phones. The company increased both its full-year revenue and adjusted earnings per share outlook.
|DPZ||Domino’s Pizza, Inc.||520.65||+50.15||+10.66%|
|a male goat||Dr. Horton, Inc.||87.83||-3.61||-3.95%|
DR Horton reported a 77% increase in quarterly profit compared to a year ago as tight supply led to record prices. However, the home builder said it had to take fewer orders during the quarter due to higher timber prices and labor shortage. Still, the company raised its forecasts for 2021 revenue and home delivery.
Chipmaker Texas Instruments Inc posted strong quarterly results but warned that the current quarter could disappoint.
|TXN||Texas Instruments Incorporated||184.37||-9.87||-5.08%|
In the deals, Uber Freight, Uber Inc.’s trucking division, will acquire logistics company Transplace for $2.25 billion in cash and stock from private equity firm TPG Capital.
Elsewhere, Visa Inc. agreed to buy UK-based cross-border payments provider CurrencyCloud at a valuation of £700 million ($962 million). Visa has had a stake in CurrencyCloud since last year.
|Uber||Uber Technologies, Inc.||47.70||+0.18||+0.39%|
In commodities, West Texas Intermediate crude was unchanged at $70.30 a barrel and gold fell 60 cents to $1,802.80 an ounce.
Foreign markets remained mostly higher.
Germany’s DAX 30 and France’s CAC 40 rose 0.58% and 0.35%, respectively, after the European Central Bank said it would keep rates at record levels for even longer in an effort to boost inflation. Elsewhere in the region, Britain’s FTSE 100 lost 0.24%.
In Asia, Hong Kong’s Hang Seng index rose 1.83% and China’s Shanghai Composite rose 0.34%. Japan’s Nikkei 225 remained closed for the day.