Major U.S. stock indexes ended nearly flat Thursday after an early rally lost its strength toward the end of the day.
The market rallied in the early going as investors weighed a batch of encouraging economic reports. The positive data reinforced the outlook from the Federal Reserve, which projects slower economic growth but not a recession.On Wednesday, the Fed reduced its benchmark interest rate for the second time this year in a bid to keep the economy from stalling in the face of slowing economic growth overseas and uncertainty over the U.S.-China trade war.
The S&P 500 rose 0.06 of a point, or less than 0.1%, to 3,006.79. The Dow Jones Industrial Average gave up an early gain, slipping 52.29 points, or 0.2%, to 27,094.79.The Russell 2000 index of smaller-company stocks ended down 6.87 points, or 0.4%, at 1,561.47.Traders were encouraged Thursday by new economic snapshots, including data indicating U.S. home sales rose sharply last month and an index of manufacturing activity that beat analysts’ forecasts. Applications for U.S.
Financial and industrial stocks were among the losers. Regions Financial slid 1.4%. Southwest Airlines declined 2%. Darden Restaurants fell 5.1% after the owner of the Olive Garden and other restaurant chains reported quarterly results that disappointed investors. The company’s earnings beat Wall Street forecasts, but other performance metrics lagged amid weaker sales at some of Darden’s chains.
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