Stock market today: Dow hits record, Nasdaq catches skid after late surge
Better-than-expected data on the jobs front Thursday spun the wheels on rotational trading – from growth stocks to cyclical games and value – which has been in high gear all week.
But an end-of-day push didn’t just lead to new heights Dow Jones Industrial Average, but a positive territory sniff for the recently maligned Nasdaq Composite.
The Labor Department said this morning that new unemployment claims had fallen to 498,000 for the week ended May 1.
The best performing sectors on Thursday included safe-haven stocks such as consumer staples and utilities, as well as financials.
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But the Dow’s 0.9% gain to a record 34,548 was led by value-driven tech stocks Cisco Systems (CSCO, + 2.6%) and International Business Machines (IBM, + 2.2%). Meanwhile, the Nasdaq (+ 0.4% to 13,632), which was witnessing a fifth straight decline for most of the day, was helped in the dark thanks to a broader market rally late in the day.
Other stock market action today:
- the S&P 500 gained 0.8% to 4,201.
- The little cap Russell 2000 was the break-even point of 2,241.
- Etsy (ETSY, -14.6%) was hit hard after its earnings report. The online market reported better than estimated first-quarter earnings and revenues, but in a letter to investors, CEO Josh Silverman warned of a “deceleration” in gross merchandise sales for the current quarter.
- Norwegian Cruise Line Holdings (NCLH, -6.8%) also declined in response to earnings. The cruise operator said its first quarter loss was larger than expected and revenue fell more drastically than expected. And while the company is scheduled to resume operations in July, NCLH CEO Frank Del Rio has warned that “the way forward is a little more difficult and a little steeper than originally expected,” after that the Centers for Disease Control and Prevention (CDC) issued new reopening guidelines. yesterday for cruise passengers.
- U.S. crude oil futures threw 1.4% to settle at $ 64.71 a barrel.
- Gold futures jumped 1.8% to close at $ 1,815.70 an ounce. A weaker US dollar helped the commodity reach its highest settlement since mid-February.
- the CBOE Volatility Index (VIX) fell 4.0% to 18.39.
- Bitcoin prices fell 1.6% to $ 56,166.30. (Bitcoin trades 24 hours a day; prices shown here are from 4 p.m. on each trading day.)
Abundant action in the digital domain
The major stock indexes have mostly been stuck in a series of small ups and downs for weeks, but you don’t have to look too far for more flashy fireworks. The cryptocurrency space continues to grow – and in a few cases, increasingly weird.
For example, Dogecoin – the digital coin that was literally created as a joke – has grown 88% over the past week and 6.507% since the start of the year, even despite the current 7% spill in the inspired token of Shiba Inu. Whether investors should take cryptocurrency, which now represents $ 75 billion in assets for investors, seriously is the subject of intense debate; Many experts prefer other cryptocurrencies such as Bitcoin which have wider moats and clearer utility.
But digital investing trends aren’t limited to currencies alone – over the past few months we’ve also seen a growing interest in secure digital collectibles (think pictures, video, and music) called NFT, or non-fungible tokens, along with one of those NFTs sold for over $ 69 million at a Christie’s auction in March.
If you’re curious about this latest craze, read on as we walk you through the basics of NFTs.