Dow boosted by energy stocks, McDonald's
Stocks posted mixed results on Thursday, as tech stocks pulled back after recent gains while energy shares lifted the Dow.
The Dow Jones Industrial Average rose 95.02 points to 25,241.41. The broader S&P 500 edged 1.98 points lower to 2,770.37. The Nasdaq Composite fell 54.17 points to 7,635.07, snapping a streak of three consecutive record sessions for the tech-heavy index.
This week's rally in tech stocks fizzled, with Apple, Amazon and Microsoft retreating from all-time highs. The materials and real-estate sectors also declined.
Energy companies moved higher in tandem with oil prices. U.S. crude rose 1.9% to $65.95 a barrel.
U.S. and Brent oil prices have climbed on renewed concerns about a drop in output from Venezuela. The Organization of Petroleum Exporting Countries will meet in two weeks to discuss increasing their oil output.
Stocks have enjoyed a positive week as traders shrug off worries over global trade while awaiting the start of the G7 meeting on Friday, where trade is expected to be a hot topic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Stateside, economic data on Thursday included jobless claims data, with initial jobless claims dropping by 1,000 to 222,000 in early June, while the four-week jobless claims average rose 2,750 to 225,500.
McDonald's shares jumped 4.4% on news that the fast-food chain may lay off some U.S. workers as part of a plan to cut costs and streamline its management structure.