U.S. market indexes were mostly lower Thursday. Volatility continued to remain low with the economic direction still cautious and housing continuing to report gains.
For the day the Dow Jones Industrial Average closed at 17,828.29 for a loss of 23.22 points or 0.13%. Stocks' leading losses included DuPont (DD, Financial), down 1.86%, and Goldman Sachs (GS, Financial), which fell 1.26%. The Standard & Poor's 500 was down, closing at 2,090.10 for a loss of 0.44 points or 0.02%. The Nasdaq Composite closed higher at 4,901.77 for a gain of 6.88 points or 0.14%. The VIX Volatility Index was lower at 13.48, which was down 0.42 points or 3.02%.
Other notable index closes for the day included the small-cap Russell 2000 closing at 1,139.75 for a loss of 1.27 points or 0.11%; the small-cap S&P 600 closing at 696.98 for a loss of 0.90 points or 0.13%; the S&P 400 Mid-Cap Index, which closed at 1,480.65 for a loss of 0.55 points or -0.04%; the Russell 3000, which closed at 1,230.70 for a loss of 0.65 points or 0.05%, and the Dow Jones U.S. Select Dividend Index, which closed at 589.27 for a gain of 1.39 points or 0.24%.
For the week the Dow is 1.87% higher. The S&P 500 is 1.85% and the Nasdaq Composite is 2.77% higher. For the year, the Dow is higher by 2.31%, the S&P 500 is higher 2.25%, and the Nasdaq Composite is down 2.1%.
The market appeared oversold with losses for the day following a two-day rally as volatility continued to remain low, and investors were cautious about the economy’s direction. Positive economic data for the day was mainly focused in the housing market; however jobless claims improved and durable goods were also higher.
Durable goods were up by 3.4% in April, above consensus of 0.3%. Jobless claims were lower, down 10,000, putting the yearly annual total below consensus of 275,000 at 268,000.
The day’s pending homes sales report was surprisingly high, gaining 5.1% and far above consensus of 0.8%. In a CNBC interview, market specialists discussed some of the catalysts in the housing market and valuations overall in housing stocks.
Start a free seven-day trial of Premium Membership to GuruFocus.
