US stocks end mixed following disappointing data
Wall Street’s major averages closed mixed on Thursday as market sentiment was dented in the wake of another dismal weekly report on US jobless claims.
The Dow Jones Industrial Average rose 11.93 points, or 0.05 per cent, to 26,281.82. The S&P 500 fell 10.52 points, or 0.34 per cent, to 3,112.35. The Nasdaq Composite Index was down 67.10 points, or 0.69 per cent, to 9,615.81, Xinhua reported.
Eight of the 11 primary S&P 500 sectors finished lower, with utilities and real estate down 1.95 per cent and 1.81 per cent, respectively, leading the losses. Financials rose 1.97 per cent, the best-performing group.
US initial jobless claims registered 1.877 million in the week ending May 30, as the COVID-19 fallout continues to ripple through the nation and weighed on the labor market, the Department of Labor reported on Thursday. The reading exceeded a Dow Jones estimate of 1.775 million.
The previous week’s level was revised up by 3,000 from 2.123 million to 2.126 million, said the department.
The figures came one day ahead of the country’s monthly jobs report, which some economists expect will show the unemployment rate around 20 per cent, the worst since the Great Depression.