US stocks rose slightly today, while the S & P 500 closed near record highs. Fresh batch of disappointing economic data reinforced investors' expectations that the Federal Reserve will not raise interest rates any time soon.
As it became known today, initial applications for unemployment benefits, the gauge of layoffs throughout the economy, rose to a seasonally adjusted 10,000 to 274,000 for the week ended May 16, the Labor Department said on Thursday. Economists expected 271,000 initial claims.
In addition, a report Philadelphia Fed in May PMI deteriorated, reaching at the same level of 6.7 points compared with 7.5 points in April. It is worth noting that many economists had expected growth of this indicator to the level of 8.0 points.
However, sales in the secondary market fell in April after rising in the previous month, marking the unevenness that has been the hallmark of the recovery of the housing market. Sales in the secondary market decreased by 3.3% last month from March to a seasonally adjusted annual rate reached 5.04 million, the National Association of Realtors said Thursday. Sales in March were revised up to 5.21 million. From the originally reported 5.19 million.
Oil prices increased significantly today, adding more than 2% as disappointing manufacturing data from China and the euro zone have increased the likelihood of the adoption of measures to stimulate the economy, which could help increase the demand for energy.
Components of the index DOW closed mixed (11 against 18 in the red in the black). Outsider were shares Johnson & Johnson (JNJ, -1.05%). Most remaining shares of Caterpillar Inc. rose (CAT, + 1.56%).
Most sectors of the S & P closed in the positive zone. Most of the basic materials sector increased (+ 0.8%). Outsiders were conglomerates sector (-0.1%).
At the close:
Dow + 0.01% 18,286.40 +1.00
Nasdaq + 0.38% 5,090.79 +19.05
S & P + 0.24% 2,130.89 +5.04