How major U.S. stock indexes fared Thursday

Marco Green
August 10, 2020

But it's a slight slowdown from the prior week's tally, and it was also not as bad as economists were expecting. AP's earlier story appears below.

US stocks are drifting between small gains and losses Tuesday as Wall Street's big rally lets off the accelerator.

Visit MarketWatch.com for more information on this news. It also upheld its guidance on deliveries and revenue for the full year.

The S&P 500 rose 21.26 points, or 0.6%, to 3,327.77.

The Dow Jones Industrial Average ended the day up 185.46 points, or 0.68%, while the S&P 500 gained 0.61% and the tech-heavy Nasdaq Composite increased 1%, pushing it to a record high. The U.S. unemployment rate is forecast at 10.5%, from 11.1% last month. The Nasdaq composite rose 1%, to 11,108.07 and set another record. "Even if the economy goes well, investors will still be asking for the Federal Reserve and the government to have their hands on the market". Stocks of smaller companies were rallying, with the Russell 2000 up 0.7%.Treasury yields also climbed. It has also remained much more cautious through the pandemic than the stock market has.

Thursday's moves also come as lawmakers struggle to reach a deal on a new coronavirus relief package.

A souring tone from both sides during Wednesday's talks indicates that a long slog remains.

A weekly $600 in federal unemployment benefits has expired, threatening to crunch the finances of millions of out-of-work Americans. The economy has shown signs of improvement since the spring, but it's still hobbling, and worries are high that it may backtrack amid a resurgence in coronavirus counts.

Trump is considering executive orders to address some of the issues if Congress doesn't reach a deal, such as evictions and unemployment insurance, but critics question how much impact they would have. The popular video-sharing service has been in the eye of a storm as Microsoft moves to buy its US operations from its Chinese owner after President Trump raised security concerns about the app.

Overnight, the mood in markets dimmed after U.S. Secretary of State Mike Pompeo asked American companies to consider withholding their apps from phones made by China's Huawei Technologies, according to analysts.

The S&P 500 is up 78.04 points, or 2.4%. It fell 2.4%, on pace for its first drop in eight days.

Among the gainers, Plug Power (NASDAQ:PLUG) stock rose 14.5% after the fuel cell maker said its net loss more than halved from a year ago in the second quarter. Becton Dickinson sank 8.4% after it gave a forecast for earnings this fiscal year that fell short of analysts' expectations.

The yield on the 10-year Treasury note fell to 0.50% from 0.56% late Monday.

Gold has been another investment that has moved strongly recently because of low interest rates and worries about the global economy.

Oil prices added nine cents to $42.28 US a barrel. Brent crude, the worldwide standard, added 10 cents to $44.90 a barrel. Stocks in Shanghai edged 0.1% higher. The Hang Seng in Hong Kong dropped 1.6%, while Japan's Nikkei 225 slipped 0.4% and South Korea's Kospi added 0.4%.

European markets were higher across the board, with Germany's DAX up 0.57 percent, Britain's FTSE higher by 0.17 percent and France's CAC edging up 0.13 percent.

Other reports by Click Lancashire

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