Dow, S&P close flat, Nasdaq makes it 10 wins in a row
Investing.com – U.S. stocks closed roughly flat, as investors had to contend with renewed U.S. political uncertainty, and corporate earnings that undershot Wall Street estimates offering little incentive for investors to initiate large positions as US indexes remained close to record highs.
Political uncertainty resurfaced Thursday, as Bloomberg reported that special counsel Robert Mueller is looking into the business dealings of President Donald Trump, Jared Kushner and other associates.
The news came a few hours after both The Blackstone Group LP (NYSE:BX) and Philip Morris International Inc (NYSE:PM) reported earnings that undershot expectations, with the latter ending the session 1.43% lower.
The release of mixed economic data failed to lift sentiment as initial jobless claims topped expectations while manufacturing unexpectedly dipped in July.
The number of Americans who filed for unemployment insurance for the week ended July 16, dropped by 15,000 to 233,000, the Labor Department said.
A separate report from the Federal Reserve bank of Philadelphia’s manufacturing index showed manufacturing activity fell to a seasonally adjusted 19.5 in July, well below expectations of a reading of 24.
Investor optimism, however, improved later in the session amid expectations of quarterly reports from Visa Inc (NYSE:V) and tech heavyweights Microsoft Corporation (NASDAQ:MSFT) and eBay Inc (NASDAQ:EBAY), helping the Nasdaq extend its win streak to ten days.
The Dow Jones Industrial Average closed lower at 21,611.78. The S&P 500 0.02% lower while the Nasdaq Composite closed at 6390, up 0.08%.
‘Bulls and Bears’ on Wall Street
The top Dow gainers for the session: Nike Inc (NYSE:NKE) up 2.3%, Verizon Communications (NYSE:VZ) up 1.8% and UnitedHealth Group Incorporated (NYSE:UNH) up 1.3%
Home Depot (NYSE:HD) down 9.5%, The Travelers Companies Inc (NYSE:TRV), down 1.5% and General Electric (NYSE:GE), down 0.9%, were among the worst Dow performers of the session.
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