U.S. stocks fell on Thursday, with major indexes declining broadly as the latest round of earnings failed to extend a recent rally. However, stocks closed off their lows of the session.
The Dow Jones Industrial Average fell 0.3% to 24,665.42. The S&P 500 lost 0.6% to 2,693. Both held above their 50-day moving average despite dipping below it during the trading day; this level is seen as a gauge of an asset price's short-term momentum trends. The Nasdaq Composite Index fell 0.8% to 7,238.
The day's losses were widespread, with nine of the 11 S&P 500 sectors ending lower on the day. Seeing particular weakness were the tech and the consumer-staples sectors. Staples were pressured by weak results from Philip Morris and an acquisition at Procter & Gamble while tech's decline was largely due to the semiconductor sector.
On the upside, financial stocks rose 1.5%, supported by a rise in the 10-year U.S. Treasury Note's yield, as well as by some strong results, including from American Express Co. and Bank of New York Mellon Helping stocks in the final hour of trading was a Bloomberg report that President Donald Trump had been told he wasn't a target of special counsel Robert Mueller's probe, news that seemed to lessen some of the political uncertainty swirling around markets.
Source : Marketwatch