March 30, 2023

DS Duke

Global Business In World

U.S. stocks edged higher on Thursday, pushing both the Dow Jones Industrial Average and S&P 500 to fresh records during an otherwise tame session.

The 30-stock index regained 14.88 points from Wednesday’s all-time record close to close Thursday at 35,499.857.

The S&P 500 gained 13.13 points to 4,460.83, to improve on Wednesday’s all-time high.

The NASDAQ recovered 51.13 points to 14,816.26.

Among the S&P sectors, health care and tech outperformed with gains of about 0.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} and 0.6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, respectively, while energy, industrials and materials stocks lagged. Salesforce and Apple were the best-performing stocks in the Dow while Home Depot and Visa each shaved off about 20 points.

Micron shares fell 6{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} during the regular session after Morgan Stanley predicted a slowdown in the memory chip market and downgraded the stock.

Disney shares popped 3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} in after-hour trading Thursday afternoon following the media giant’s quarterly earnings. The company beat estimates on both profit and revenue.

The U.S. Labor Department reported Thursday morning that initial jobless claims declined slightly last week as the U.S. labor market continues its recovery from last year’s recession. There were 375,000 claims last week, matching estimates. The prior reading came in at 385,000 claims.

The prices U.S. manufacturers and other businesses pay for labor, raw materials and other goods rose again in July. The government said its producer price index, excluding volatile food, trade services and energy components, rose 0.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} last month versus a forecast for a 0.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} gain.

Prices for 10-Year Treasurys slipped, raising yields to 1.36{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} from Wednesday’s 1.33{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices fell 29 cents to $68.96 U.S. a barrel.

Gold prices perked $1.50 to $1,754.80 U.S. an ounce.

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