U.S. market indexes were lower on Thursday as stocks resisted new highs.
For the day the Dow Jones Industrial Average closed at 17,985.19 for a loss of 19.86 points or 0.11%. Losses in the DJIA were led by Caterpillar (CAT, Financial) down 1.22%. The Standard & Poor's 500 was also down, closing at 2,115.48 for a loss of 3.64 points or 0.17%. The Nasdaq Composite closed lower at 4,958.62 for a loss of 16.03 points or 0.32%. The VIX Volatility Index was higher for the day at 14.55 with a gain of 0.47 points or 3.34%.
Stocks have been gaining year to date with the Dow Jones Industrial Average up 3.22% and the S&P 500 up 3.50%. At 2,115.48 the S&P 500 is nearing its all-time high of 2,130.82, which was reached in May 2015.
Economic data has been steady but mostly weak. The Federal Reserve’s delays in further interest rate increases appear to be helping the market which doesn’t see a lot of need for a rate increase in the current environment.
On Thursday mortgage rates reported by Freddie Mac (FHLMC, Financial) were lower as rate expectations remain subdued. The 30-year fixed-rate mortgage average for the week fell to 3.60%. The 15-year fixed-rate mortgage average for the week was also lower at 2.87%. The day’s leading economic report did show improvement in the labor market, which recently reported an increase of only 38,000 jobs in May and a decrease in the unemployment rate to 4.7%. The jobless claims report Thursday showed claims down 4,000 from the previous week bringing total claims to 264,000 which is below consensus of 270,000.
In a CNBC interview Thursday, market specialists discussed investing in equities in the current market environment.
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