The Dow Jones Industrial Average ended another day near the flatline on Thursday as the market’s strong momentum to begin February started to lose steam.
The blue-chip benchmark dipped just 7.1 points from a record high to 31,430.70. The S&P 500 gained 0.2% to eke out a record closing high of 3,916.38. The tech-heavy Nasdaq Composite gained 0.4% to 14,025.77, also a fresh record.
Energy was the worst-performing sector, sliding more than 1%, while the strength in technology supported the broader market.
After a strong runup in equities in the beginning of February, the market rally seemed to slow down a tad. The S&P 500 moved within 0.2% for three straight days this week. For this month so far, the broad equity benchmark has gained 5.4%.
Investors also digested a worse-than-expected reading of weekly jobless claims. First-time claims for unemployment insurance totaled 793,000 last week even amid declining Covid-19 cases. Economists polled by Dow Jones expected a total of 760,000.
Reference: CNBC
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