Markets Each up Slightly as Summer Rally Struggles
August 18,2022 04:25 pm EST
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 Dow Jones Industrials moved into the sunlight by the close, gaining 18.72 points to 33,999.04.
The S&P 500 picked up 9.7 points to 4,283.74.
The NASDAQ Composite regained 27.22 points to 12,965.34.
Thursday''s moves bring the Dow up 0.7% and the S&P into positive territory for the week 0.08%. The NASDAQ is down 0.6%.
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.
Treasury prices crept ahead, weighing yields to 2.88% from Wednesday''s 2.89%. Treasury prices and yields move in opposite direction.
Oil prices hiked $2.50 to $90.61 U.S. a barrel.
Gold prices doffed $4.20 to $1,772.50 U.S. an ounce.