US stocks trade mixed amid corporate earnings, economic data
New York: US stocks traded mixed on Thursday as investors were digesting a slew of corporate earnings and key economic data.
The Dow Jones Industrial Average dipped 9.54 points, or 0.04 per cent, to 24,197.62. The S&P 500 was up 5.22 points, or 0.20 per cent, to 2,621.32, Xinhua news agency reported.
The Nasdaq Composite Index rose 12.53 points, or 0.18 per cent, to 7,047.23.
Eight of the 11 primary S&P 500 sectors traded higher, as materials and industrials outperformed while real estate and financials lagged.
Shares of Morgan Stanley slid 4 per cent around midday. The bank reported on Thursday its net revenue of $8.55 billion and earnings 80 cents per share for the fourth quarter, both missing estimates.
American Express and Netflix are set to report after the close.
On the economic front, in the week ending January 12, the advance figure for US initial jobless claims, a rough measure of layoffs, was 213,000, down 3,000 from the previous week’s unrevised level, the Department of Labor reported on Thursday. The reading was lower than market consensus.
Meanwhile, the more stable 4-week moving average was 220,750, a decrease of 1,000 from the previous week’s unrevised average of 221,750.
US stocks rallied on Wednesday with the Dow notching a triple-digit gain amid the upbeat earnings results from Goldman Sachs and Bank of America.
