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Equity Alert: US indices end mixed, Dow Jones hits fresh record high

 

MUMBAI--0740 IST--Wall Street ended mixed Thursday as the recent rally in technology stocks cooled off. The NASDAQ Composite ended in the red for the second straight session, while the broader market S&P 500 index closed higher. The Dow Jones Industrial Average outperformed its peer indices in the US and touched a fresh all-time-high with strong buying witnessed in blue-chip financial and pharmaceutical companies.

 

In the Dow Jones, shares of UnitedHealth Group and Merck & Co. ended around 5% higher, while those of Amgen Inc. ended a little over 2%. Goldman Sachs was also up by almost 5%, JPMorgan Chase & Co. by over 3%, American Express Co. 4%, and Visa by 2.5%. NVIDIA Corp. rose over 3% and Alphabet was almost 4% higher.

 

Meanwhile, Federal Reserve Bank of San Francisco President Mary Daly told Bloomberg in an interview that "We just haven't heard from businesses that they are seeing transformative, ongoing productivity gains yet," while speaking about the impact of artificial intelligence on the economy. "I'm pretty bullish. I see the possibilities, and I'm hearing more and more that people are seeing early rewards," she said. Daly said next year will be the litmus test to gauge the success of AI. On the inflation front, Daly said monetary policy is in a good place right now, adding that the Federal Reserve is prepared to respond as needed. "I think giving more forward guidance about what's possible could be misguiding in the end, because we just have to wait for the economy to evolve," she said.

 

Meanwhile, the number of people filing for fresh unemployment benefits rose by 13,000 to 225,000 for the week ended May 30. This is the highest level seen in almost four months. "The big picture remains that the trend in both initial and continuing claims still is very subdued," Oliver Allen, senior U.S. economist at Pantheon Macroeconomics, told Reuters. "It would be unwise, however, to conclude that all is fine and well with the labor market simply because claims are low. Low fire, low hire remains an apt description of labor market condition," Allen said. The total number of continuing claims for the week ended May 16 was 1.78 million. 

 

The following were the closing levels of major US indices on Thursday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	51561.93	1.73
NASDAQ Composite	26830.96	(-)0.09
S&P 500	7584.31	0.41

 

(Ruchira Kagita)

 

US$1 = INR 95.785

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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