US close: Stocks finish higher after better-than-expected data
By Josh White
Date: Friday 19 Aug 2022
(Sharecast News) - Wall Street's main market gauges reversed earlier losses to close higher on Thursday, as investors digested a fresh batch of better-than-expected economic indicators.
At the close, the Dow Jones Industrial Average was up 0.06% at 33,999.04, as the S&P 500 added 0.23% to 4,283.74, and the Nasdaq Composite was ahead 0.21% at 12,965.34.
"The dollar index has broken to a three-week high today, with fears of a potential topping out in equities tallying up with signs of US outperformance over Europe," said IG senior market analyst Joshua Mahony.
"First inflation, then retail sales, and now we have seen improvement in the jobless claims and the Philly Fed manufacturing survey for the US.
"While a recession is widely anticipated, there are signs that European nations will suffer greater consequences as energy prices signal the potential for a greater contraction if the breakdown in relations with Russia remains in place."
Data published earlier revealed an unexpected dip of 2,000 in the number of initial weekly jobless claims to 252,000, against consensus forecasts for 260,000.
The key Philly Fed regional manufacturing index meanwhile jumped back to a level of 6.2 for August, following a print of -12.3 in the prior month, and well ahead of the -5.0 pencilled in by analysts.
Existing home sales, on the other hand, did fall by 5.9% month-on-month in July, taking the annualised rate to 4.81m, below expectations for 4.9m, according to the National Association of Realtors.
In equities, department store operator Kohl's fell 7.72% after missing expectations on second-quarter profit, while Bed Bath & Beyond tumbled 19.63% after GameStop chairman Ryan Cohen revealed plans to sell his holding just a few months after investing.
On the upside, Wolfspeed rocketed 31.186% after beating quarterly revenue expectations, taking the rest of the American semiconductor sector higher with it.
Applied Materials was up 2.14%, Broadcom added 3.69%, Micron Technology was ahead 2.21%, and Nvidia closed 2.39% higher.
Reporting by Josh White at Sharecast.com. Additional reporting by Alexander Bueso.
Dow Jones - Risers
Cisco Systems Inc. (CSCO) $49.37 5.81%
Intel Corp. (INTC) $36.20 1.17%
Dow Chemical Co. (DOW) $55.97 1.01%
International Business Machines Corporation (CDI) (IBM) $139.00 0.93%
Boeing Co. (BA) $168.69 0.89%
Chevron Corp. (CVX) $159.02 0.84%
Caterpillar Inc. (CAT) $197.32 0.72%
Coca-Cola Co. (KO) $65.22 0.52%
American Express Co. (AXP) $164.62 0.46%
Merck & Co. Inc. (MRK) $91.40 0.40%
Dow Jones - Fallers
Walgreens Boots Alliance, Inc. (WBA) $38.24 -6.44%
Verizon Communications Inc. (VZ) $44.19 -2.54%
Nike Inc. (NKE) $116.01 -0.88%
JP Morgan Chase & Co. (JPM) $121.64 -0.77%
3M Co. (MMM) $146.68 -0.51%
Johnson & Johnson (JNJ) $166.77 -0.48%
Microsoft Corp. (MSFT) $290.17 -0.39%
Amgen Inc. (AMGN) $249.70 -0.35%
Walmart Inc. (WMT) $139.07 -0.32%
Apple Inc. (AAPL) $174.15 -0.23%
S&P 500 - Risers
Apache Corp. (APA) $36.50 8.53%
Helmerich & Payne Inc. (HP) $44.10 8.03%
Keysight Technologies Inc. (KEYS) $179.36 5.95%
Devon Energy Corp. (DVN) $67.87 5.89%
Cisco Systems Inc. (CSCO) $49.37 5.81%
Halliburton Co. (HAL) $29.81 5.78%
Marathon Oil Corp. (MRO) $24.60 5.08%
Juniper Networks Inc. (JNPR) $30.26 5.00%
Schlumberger Ltd. (SLB) $37.13 4.89%
Arconic Inc. (ARNC) $28.73 4.83%
S&P 500 - Fallers
Kohls Corp. (KSS) $31.33 -7.72%
Walgreens Boots Alliance, Inc. (WBA) $38.24 -6.44%
Nordstrom Inc. (JWN) $24.54 -4.77%
Ventas Inc. (VTR) $49.02 -2.95%
Alexandria Real Estate Equities Inc. (ARE) $165.91 -2.85%
Verizon Communications Inc. (VZ) $44.19 -2.54%
United Rentals Inc. (URI) $323.23 -2.46%
Under Armour, Inc. (UA) $8.80 -2.33%
Synopsys Inc. (SNPS) $373.32 -2.02%
Transdigm Group Inc. (TDG) $655.50 -1.99%
Nasdaq 100 - Risers
Cisco Systems Inc. (CSCO) $49.37 5.81%
Broadcom Inc. (AVGO) $558.45 3.69%
Seagate Technology Plc (STX) $81.63 3.02%
Nvidia Corp. (NVDA) $187.73 2.39%
Micron Technology Inc. (MU) $62.98 2.21%
Applied Materials Inc. (AMAT) $108.27 2.14%
Skyworks Solutions Inc. (SWKS) $111.08 2.11%
QUALCOMM Inc. (QCOM) $151.38 1.92%
KLA-Tencor Corp. (KLAC) $382.02 1.85%
DENTSPLY Sirona Inc. (XRAY) $36.36 1.71%
Nasdaq 100 - Fallers
Walgreens Boots Alliance, Inc. (WBA) $38.24 -6.44%
NetEase Inc. Ads (NTES) $86.11 -5.97%
Baidu Inc. (BIDU) $128.33 -3.25%
Mercadolibre Inc. (MELI) $977.52 -2.04%
Synopsys Inc. (SNPS) $373.32 -2.02%
Biomarin Pharmaceutical Inc. (BMRN) $92.96 -1.98%
Take-Two Interactive Software Inc. (TTWO) $130.47 -1.90%
Illumina Inc. (ILMN) $209.06 -1.86%
Regeneron Pharmaceuticals Inc. (REGN) $624.83 -1.81%
JD.com, Inc. (JD) $55.19 -1.71%
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