Decent Jobs Numbers Help Steady the Market

Dow posts a modest lost, and the S&P sees a modest gain
By Newser Editors and Wire Services
Posted Nov 18, 2021 3:08 PM CST
Decent Jobs Numbers Help Steady the Market
The New York Stock Exchange.   (AP Photo/John Minchillo, File)

(Newser) – Stocks remained relatively stable Thursday as investors reviewed the latest earnings reports from retailers and an update on the employment market. The Dow lost 60 points to close at 35,870, while the S&P 500 rose 15 points to 4,704 and the Nasdaq rose 72 points to 15,993. Investors received a positive update on the closely watched employment market, which is viewed as a key factor in the economy's continued recovery, per the AP. The Labor Department said that the number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000.

US stocks have been powering mostly higher since early October as companies reported much stronger profits for the summer than analysts expected. Nearly every company in the S&P 500 has turned in their latest financial results, with overall earnings growth of 39%. That far outpaces analysts' expectations in June for 23% earnings growth for the quarter. On Thursday, Nvidia jumped 8.5% for the biggest gain in the S&P 500 after the maker of graphics chips for gaming and artificial intelligence reported strong third-quarter financial results. Other chipmakers also gained ground. Advanced Micro Devices rose 1.6% and Micron Technology rose 1.6%. Financial companies had some of the broadest losses: American Express fell 1.9% and insurer Aflac fell 1.4%.

(Read more stock market stories.)

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