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* Weekly jobless claims unexpectedly rise
* U.S. COVID-19 loss of life toll crosses 250,000
* Indexes: Dow down 0.16%, S&P up 0.04%, Nasdaq up 0.57% (Updates to mid-afternoon; modifications dateline, byline)
By Stephen Culp
Nov 19 (Reuters) – The S&P 500 and the Nasdaq superior on Thursday however the Dow misplaced floor as mounting shutdowns and layoffs linked to spiraling COVID-19 an infection charges turned traders towards market-leading development shares which have proven resiliency to the pandemic.
Bleak jobless claims knowledge helped capped positive factors, days after information of progress towards a coronavirus vaccine despatched the S&P 500 to an all-time closing excessive.
“Buyers are nonetheless closely influenced by short-term outlook for the coronavirus,” mentioned Oliver Pursche, president of Bronson Meadows Capital Administration in Fairfield, Connecticut. “Earlier this week we noticed soar on excellent news in regards to the vaccine, however now we’ve report new circumstances across the nation and that is altering investor sentiment and the rotation that you’ve got seen out of development shares.”
The variety of U.S. staff submitting new claims for unemployment advantages unexpectedly rose final week, the info portray a grim image of more and more elevated layoffs as spiking coronavirus circumstances and subsequent shutdowns proceed to hobble the labor market.
“There is a feeling that the financial restoration might be slower than many thought based mostly on the info,” Pursche added.
Report an infection numbers have prompted faculties and companies to shut their shutters as soon as once more, thwarting the world’s largest financial system’s restoration from the deepest recession for the reason that Nice Despair.
With further fiscal reduction now simmering on the congressional again burner, some market individuals want to the U.S. Federal Reserve for indicators it may step in with extra financial stimulus.
The Dow Jones Industrial Common fell 47.27 factors, or 0.16%, to 29,391.15, the S&P 500 gained 1.57 factors, or 0.04%, to three,569.36 and the Nasdaq Composite added 66.93 factors, or 0.57%, to 11,868.54.
Of the 11 main sectors within the S&P 500, power shares had been up essentially the most, whereas economically-sensitive shares similar to utilities and financials suffered the biggest declines.
Third-quarter reporting season is nearing the end line, with 472 of the businesses within the S&P 500 having reported. Of these, 84.5% have crushed consensus, in accordance with Refinitiv knowledge.
Macy’s Inc reported a 20% plunge in quarterly same-store gross sales and the division retailer forecast a troublesome vacation season.
Chipmaker Nvidia Corp forecast a slight dip in knowledge heart chip gross sales however the firm beat quarterly income expectations.
L Manufacturers Inc surged 15.8% after posting better-than-expected quarterly outcomes and a 56% soar in same-store gross sales.
Tesla Inc shares rose for the third straight session to the touch a report excessive, using the wave of its pending inclusion within the S&P 500, introduced on Monday.
Declining points outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.
The S&P 500 posted three new 52-week highs and no new lows; the Nasdaq Composite recorded 68 new highs and 6 new lows. (Reporting by Stephen Culp; Enhancing by Tom Brown)