Dow Slips as Summer Rally Loses Steam
August 18,2022 11:47 am EST
The Dow Industrial Average slipped on Thursday as investors struggled to regain their footing a day after the index snapped a five-day winning streak and a recent market rally appeared to simmer.
The 30-stock index came off its lows of the morning, but remained negative 15.29 points to observe noon hour EDT Thursday at 33,965.03.
The S&P 500 recovered 11.35 points to 4,285.39.
The NASDAQ Composite regained 50.71 points to 12,988.68.
Retail earnings continued on 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 8% after the company cut its guidance while BJ''s Wholesale jumped after topping estimates.
Initial jobless data released Thursday also provided clues into the state of the job market, with claims dropping to 250,000 for the week ended Aug. 13.
Treasury prices jumped, weighing yields to 2.86% from Wednesday''s 2.89%. Treasury prices and yields move in opposite direction.
Oil prices hiked $2.09 to $90.20 U.S. a barrel.
Gold prices doffed one dollar to $1,775.70 U.S. an ounce.
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