Dow and S&P 500 end in record territory for third consecutive day
we Stock indices hit record highs on Thursday as investors ignored the largest annual increase in producer prices on record.
The Dow Jones Industrial Average gained 14 points, or 0.04%, while the S&P 500 Index and Nasdaq Composite Index added 0.29% and 0.35%, respectively. The Dow Jones and S&P 500 both closed in record territory for a third consecutive day. The Nasdaq finished less than 80 points below its own high.
Thursday’s gains came despite July’s producer price index rising to an annual rate of 7.8%, the fastest since records began in November 2010. Prices rose 1% month over month, corresponding to the increase in June.
Elsewhere in the economy, initial jobless claims last week fell to 375,000, which matches estimates. Continuing claims, meanwhile, have slipped to a low of 2.866 million during a pandemic.
In stocks, Caterpillar Inc. and Nucor Corp. have remained the center of attention after the Senate passed the $ 1 trillion infrastructure bill earlier this week that would provide funding for roads, bridges and other things.
The drugmakers Pfizer Inc., Moderna Inc., Johnson & Johnson and BioNTech SE were the center of attention after the Wall Street Journal reported that the United States Food and Drug Administration was considering approving a COVID-19 booster for people with weakened immune systems.
EBay Inc. reported mixed quarterly results, as the reopening of physical stores contributed to a 2% year-over-year decline in the number of active buyers on its platform. The e-commerce market is forecasting current quarter revenue lower than analysts’ expectations.
Bumble Inc. missed its profits, but beat its revenues. The dating app maker expects current quarter revenue to exceed expectations.
Big data vendor Palantir Technologies Inc. topped sales estimates as revenue grew 49% year-over-year. Adjusted earnings are Wall Street estimates.
Walt Disney Co. and Airbnb Inc. are among the companies expected to release quarterly results after Thursday’s closing bell.
In commodities, West Texas Intermediate crude fell 16 cents to $ 69.09 per barrel and gold fell $ 1.40 to $ 1,749 per ounce.
The overseas markets were mixed.
In Europe, the British FTSE 100 lost 0.37% while the French CAC 40 and the German DAX 30 climbed by 0.36% and 0.7% respectively.
Asian markets ended lower overall with Japan’s Nikkei 225 down 0.2%, China’s Shanghai Composite 0.22% and Hong Kong’s Hang Seng index down 0.53% .