By IFCMarkets
Nasdaq continues climbing as Dow and S&P 500 post third straight loss
US stocks closed slightly lower on Thursday as gains from continued rally in healthcare and biotechnology sectors were offset by losses in financial and consumer staples shares. The dollar was little changed: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended at 97.531. Dow Jones industrial average lost 0.06% closing at 21397.29. The S&P 500 slipped 0.05% settling at 2434.50 led by financial and consumer staples stocks, down 0.6% and 0.7% respectively. The Nasdaq index outperformed for the second day in a row adding 2.73 points to 6236.69.
Biotechnology stocks rallied after reports on Wednesday President Donald Trump has drafted an executive order that would ease drug industry regulations. Treasury yields edged lower after a Republican Senate bill to overhaul health care met resistance from some Republicans that feel the bill is watered-down and keeps too much of Obamacare’s existing provisions intact. President Trump himself had called the House version too “mean”. Trump denies obstructing FBI probe, tweeting he has no tapes of talks with Ex-FBI director Comey whom he fired in May. In economic news a report on weekly jobless claims showed that fewer than 250 thousand Americans applied for unemployment benefits in mid-June, underscoring the strength of US labor market whose biggest problem is a growing shortage of qualified workers. The leading economic index rose 0.3% in May, indicating the US continues to grow at a steady pace.
European stocks inch higher
European stock indices managed to end marginally higher on Thursday as rebounding oil prices limited losses in energy sector. The euro edged lower while the British Pound extended gains against the dollar. The Stoxx Europe 600 inched 0.01% higher. Germany’s DAX 30 rose 0.2% closing at 12794. France’s CAC 40 gained 0.2% while UK’s FTSE 100 ended 0.1% lower at 7439.29. Indices opened lower today.
Asian markets advance
Asian stock indices are higher today. Nikkei ended 0.1% higher at 20127.50 as yen slipped against the dollar while the preliminary reading of Manufacturing PMI showed manufacturing activity slowed in June. The Shanghai Composite Index is up 0.3% after reversing earlier losses on concerns about tighter regulations after news the banking regulator ordered banks to check borrowings of big Chinese conglomerates lik Anbang and Dalian Wanda. Hong Kong’s Hang Seng Index is higher 025%. Australia’s All Ordinaries Index is up 0.2% despite a rebounding Australian dollar against the dollar.
Oil slide continues
Oil futures prices are edging lower amid concerns about global market oversupply. Prices recovered yesterday from seven-month lows helped by a second weekly draw in US crude inventories. Brent for August settlement climbed 0.9% to end the session at $45.22 a barrel on the London-based ICE Futures Europe exchange on Thursday.
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