U.S. Equities Decline as Consumer Stocks Slipby
U.S. stocks slid as the dollar pushed higher and Treasuries extended declines following the release of economic data that met or exceeded expectations.
The S&P 500 Index slipped 0.2 percent to 2,261 at 4 p.m. in New York as the Dow Jones Industrial Average slid further away from the 20,000 level that has eluded it so far. The Nasdaq Composite Index fell 0.4 percent, and the Russell 2000 Index lost 0.9 percent.
- In the S&P 500, 299 of 505 shares close lower
- Consumer discretionary shares drop 1%
- Financial shares down 0.3%; phone and energy stocks up at least 0.4%
- Russell 2000 index of small-caps down 0.9%
- VIX moves higher to 11.43 for first gain in six sessions
- GDP rose at a 3.5% annualized rate in the three months ended in September, compared with a prior estimate of 3.2%
- Household purchases, which account for almost 70% of the economy, grew at a 3% annualized rate, stronger than the 2.8% pace previously estimated
- Initial jobless claims were higher than expected; 275k vs 257k
- Strategists on average expect the S&P 500 to end 2017 at 2,356, according to the mean of 15 estimates compiled by Bloomberg, implying a 4 percent gain from Wednesday’s close. The benchmark is poised for its first annual advance since 2014, up 11 percent.
- After market Thursday: Cintas Corp (CTAS)
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