Mon, 21 Sep 2020

Tech stocks finish in black, Dow and S&P 500 dip

Lola Evans
14 Aug 2020, 08:04 GMT+10

NEW YORK, New York - Industrial stocks in the United States had a rare off day on Thursday despite good news on the employment front. The technology sector however made modest gains.

A continual breakdown however on talks of economic stimulus kept buyers at bay.

Initial claims for U.S. unemployment benefits unexpectedly fell below 1 million last week for the first time since mid-March.

"Our take on a new high, if it happens, is that it's another reminder to investors how disconnected the stock market and the economy have been this year. Stocks have soared but the economy it's improved, yes but a million initial claims is still not good," Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina told Reuters Thomson on Thursday.

At the close of trading Thursday the Dow Jones Industrial Average was down 80.12 points, or 0.29%, at 27,896.72.

The Standard and Poor's 500 dipped 6.92 points, or 0.20%, to 3,373.43.

The Nasdaq Composite climbed 30.27 points, or 0.27%, to 11,042.50.

The U.S. dollar remained weak however up slightly from its lows in the Asian trading session. Around the close in U.S. trading on Thursday the euro was fetching 1.1815. The British pound eased to 1.3062. The Japanese yen was little changed at 106.94. The Swiss franc firmed to 0.9098.

The Canadian dollar strengthened to 1.3224. The Australian dollar softened to 0.7150. The New Zealand dollar was modestly weaker at 0.6548.

In London, the FTSE 100 fell 1.50%. The German Dax was down 0.50%, while the Paris-based CAC 40 dropped 0.61%.

On Asian markets, the Nikkei 225 in Tokyo rose 405.65 points or 1.78% Thursday to 23,249.61.

In Hong Kong the market was virtually flat, retreating 13.35 points or 0.05% to 25,230.67.

China's Shanghai Composite likewise was directionless. The key index added just 1.46 points or 0.04% to 3,320.73.

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