U.S. market indexes were lower Thursday as stock index gains eased. For the day the Dow Jones Industrial Average closed at 18517.23 for a loss of -77.80 points or -0.42%. The S&P 500 was also down, closing at 2165.17 for a loss of -7.85 points or -0.36%. The Nasdaq Composite closed lower at 5073.90 for a loss of -16.03 points or -0.31%. The VIX Volatility Index was higher for the day at 12.80 with a gain of 1.03 points or 8.75%.
In the Dow Jones Industrial Average, the following stocks led losses for the day:
Intel (INTC, Financial) -4.03%
American Express (AXP, Financial) -1.64%
Goldman Sachs (GS, Financial) -1.06%
Home Depot (HD, Financial) -0.98%
On Thursday, the Conference Board’s Leading Indicators report showed the Leading Indicators Index gaining 0.3% for the month. The other leading economic report for the day included jobless claims which were down 1,000 from the previous week to a level of 253,000. The housing market also had two reports Thursday. The FHFA House Price Index reported a 0.2% gain for the month and 5.6% gain for the year. Existing home sales increased 1.1% for the month and 3% for the year. The report showed existing home sales now at a level of 5.570 million SAAR.
The European Central Bank also reported that it would leave its rate unchanged at 0.50%. However, officials are likely to effect stimulus policy when the ECB meets again in September.
Despite continued signs of strengthening in the U.S. economy and corporate earnings, stocks resisted further gains on Thursday. Most investors saw the day’s slowdown as a pause with further gains in equities continuing in the short term. In a CNBC report Thursday, market specialists discussed the day’s slowdown and factors for further gains.
Disclosure: I do not directly own any stocks included in this article.
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