Market Comeback Takes Breather
(MENAFN- Baystreet.ca) Market Comeback Takes Breather
Stocks struggled for direction on Thursday as investors mulled another better-than-expected inflation report.
The Dow Jones Industrials stayed positive 27.16 points, well off its highs of the day, to close Thursday at 33,336.37
The S&P 500 turned negative 2.97 points by the end of the day to 4,207.27.
The NASDAQ Composite slumped 74.89 points to 12,779.81.
One bright spot for markets was Disney. The stock jumped more than 4% after the media giant posted stronger-than-anticipated subscriber numbers for the last quarter, along with earnings and revenue that topped expectations. Disney also said it would raise prices for Disney+.
Investor sentiment got a boost when the July producer price index showed a surprise decline from June. PPI dropped 0.5%, compared to an estimate of a 0.2% gain, according to a Dow Jones survey. The PPI reading excluding food and energy rose less than expected.
Treasury prices were lower, raising yields to 2.89% from Wednesday's 2.79%. Treasury prices and yields move in opposite directions.
Oil prices grew $2.34 to $94.27 U.S. a barrel.
Gold prices dropped $11.10 to $1,802.60 U.S. an ounce.
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