US stock market Thursday: Dow Jones sets new record, S&P 500, Nasdaq down. Check Nvidia, Alphabet, Apple shares
Dow Jones rose to a record high but S&P 500 and Nasdaq Composite were flat as US stock market indexes had a mixed showing at Wall Street.
The Dow Jones Industrial Average closed at its highest level ever, while S&P 500 index was just below its July record high close as expectations for a September interest rate cut remained robust. S&P 500 gained 0.37 points, or 0.01 per cent, to end at 5,592.55 points, while the Nasdaq Composite lost 37.51 points, or 0.21 per cent, to 17,518.51. The Dow Jones Industrial Average rose 247.74 points, or 0.60 per cent, to 41,336.56.
The movements came on the back of data indicating the US economy grew at an annual rate of 3.0 percent in the April to June period — revised upwards from 2.8 percent. The U.S. economy grew faster than initial estimates due to strong consumer spending, the Commerce Department reported, supporting expectations the US is likely to avoid a recession.
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Nvidia's stock fell, trimming its 2024 gain to around 140 per cent. Other AI-related stocks were mixed. Microsoft gained, while Google-owner Alphabet dipped. Broadcom and Advanced Micro Devices also slid for much of the session.
Apple rose after Citigroup named the iPhone maker its top AI pick.
A Labor Department report showed marginally lower-than-expected jobless claims for the previous week. The July Personal Consumption Expenditures report, due on Friday, could offer hints on the central bank's
