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Julie Young
Julie Young
Articles (1029) 

US Market Indexes Close Lower on Thursday

Dow Jones closes at 24,811.76 with a loss of -0.30%

May 24, 2018 | About:

U.S. market indexes were lower Thursday. The Dow Jones Industrial Average closed at 24,811.76 for a loss of -75.05 points or -0.30%. The S&P 500 closed at 2,727.76 for a loss of -5.53 points or -0.20%. The Nasdaq Composite closed at 7,424.43 for a loss of -1.53 points or -0.02%. The VIX Volatility Index was lower at 12.53 for a loss of -0.05 points or -0.40%.

Thursday’s market movers

Retail stocks were lower Thursday, contributing to broad market losses. Gap (NYSE:GPS) traded lower after missing revenue and earnings estimates. Best Buy (NYSE:BBY) was also lower Thursday despite beating expectations with store closings contributing to some of the losses.

Energy and financial stocks led losses overall. Oil was also a factor, decreasing to $70.70 with continued geopolitical tensions and a canceled meeting with North Korea.

Economic reports affecting market trading included the following:

  • Jobless claims increased 11,000 to 234,000.
  • The FHFA House Price Index was up 0.1% for the month and 6.7% for the year.
  • Existing home sales decreased to a seasonally adjusted annual rate of 5.460 million.
  • The Fed reported balance sheet assets of $4.337 trillion, a decrease of -$0.3 billion from the previous week
  • Mortgage rates were higher according to Freddie Mac’s weekly mortgage rate survey. The 30-year fixed-rate mortgage averaged 4.66%, increasing from 4.61%. The 15-year fixed-rate mortgage averaged 4.15% for the week, increasing from 4.08%.

In the Dow Jones Industrial Average, the following stocks led losses

Small-cap stocks

In small-caps, the Russell 2000 closed at 1,628.22 for a gain of 0.61 points or 0.04%. The S&P 600 closed at 1,005.10 for a gain of 0.43 points or 0.04%. The Dow Jones Small-Cap Growth TSM Index closed at 10,078.58 for a loss of -0.78 points or -0.01%. The Dow Jones Small-Cap Value TSM Index closed at 10,325.62 for a gain of 0.52 points or 0.01%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,951.55 for a gain of 1.02 points or 0.05%; the S&P 100 at 1,197.68 for a loss of -3.78 points or -0.31%; the Russell 3000 at 1,621.37 for a loss of -2.63 points or -0.16%; the Russell 1000 at 1,513.57 for a loss of -2.71 points or -0.18%; and the Dow Jones U.S. Select Dividend Index at 698.90 for a gain of 1.12 points or 0.16%.

About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie holds a Master of Science degree in finance from Boston College and a Bachelor of Science degree in finance from the University of Arkansas.

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