How major USA stock indexes fared Thursday Consumer News

Ivan Schwartz
August 13, 2018

The S&P 500 opened lower by 13.94 points, or 0.49 per cent, at 2,839.64.

The S&P 500 is up 159.67 points, or 6 per cent.

The S&P 500 index slipped after coming within spitting distance of a record high following a four-day rise.

In small-caps, the Russell 2000 closed at 1,686.75 for a loss of -4.14 points or -0.24%.

Shares of Apple (AAPL.O) rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent. Shares of Apple rose 0.8 per cent, while those of Amazon were up 0.6 per cent.

The biggest drag on the S&P 500 was Booking Holdings, which fell 5 per cent after it forecast third-quarter profit below expectations.

The S&P gains came as the latest data pointed to strength in the labor market, underscoring the health of the US economy despite ongoing trade tensions. Beijing announced Wednesday it would counter the most recent round of US tariffs with its own.

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"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia.

Shares in trade-sensitive companies fell. The stock ended down 4.8 percent. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric auto maker private, according to data from financial technology and analytics firm S3 Partners.

Economic data showing USA consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers.

The S&P index recorded 12 new 52-week highs and 10 new lows, while the Nasdaq recorded 73 new highs and 78 new lows.

"The Dow's positive momentum keeps fading according to technical readings in the daily chart, but by no means indicates an upcoming bearish continuation, as the index holds well above all of its moving averages, and with the 20 DMA maintaining its bullish stance".

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