Other economically sensitive sectors including energy were up as well.
But the Dow was lower and the heavily weighted S&P technology index also eased, after being the biggest drag on the S&P 500 on Wednesday when minutes from the Fed’s December meeting signaled the possibility of sooner-than-expected rate hikes.“We have a jobs report tomorrow, which continues to be a focal area for the market in terms of the progression of the labour market,” said Bill Northey, senior investment director at US Bank Wealth Management.
According to preliminary data, the S&P 500 lost 3.77 points, or 0.09%, to end at 4,696.25 points, while the Nasdaq Composite lost 15.54 points, or 0.12%, to 15,084.64.So far this week, market participants have rotated out of technology-heavy growth shares and into more value-oriented stocks that tend to do better in a high interest-rate environment.
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