- The Dow fought to moderate gains on Thursday.
- Data continues to provide a confusing picture of the US economy.
- US unemployment claims dropped from a 2-year high, but a less volatile metric is still moving in the wrong direction.
The Dow Jones betrayed a lack of conviction on Thursday, and the US stock market clung tightly to its previous day levels as investors ignored the impeachment circus and digested mixed economic data.
Dow Claws Higher, Recouping Yesterday’s Losses
Wall Street’s three major indices plodded toward moderate gains this morning, positioning the Dow Jones Industrial Average and S&P 500 to recoup yesterday’s losses.
As of 9:35 am ET, the Dow had jumped 66.23 points or 0.23% to trade at 28,305.51.
The S&P 500 climbed 4.68 points or 0.15% to 3,195.82.
The Nasdaq, the only one of the three indices to close higher on Wednesday, extended its winning streak. The tech-heavy index increased 17.35 points or 0.2% to 8,845.08.
US Jobless Claims Data May Be Less Bullish Than Headlines Suggest
Stock market analysts didn’t expect the impeachment saga to have much of an impact on the Dow, and now that Donald Trump has become just the third president to be impeached, their predictions have been vindicated. Barring an unexpected development, the Senate will swiftly acquit Trump after the House sends the articles of impeachment to the Republican-controlled legislative body.
For Wall Street, it’s mostly white noise – at least right now – and a steady diet of economic data releases gives investors enough to chew on without having to turn their attention to Washington. On Thursday, the economy served up two important data releases, both of which presented a mixed narrative.
US jobless claims unexpectedly surged to a two-year high (252,000) last week, so investors closely monitored this morning’s data to discern whether that spike was an outlier – a…