Stocks posted mixed results on Thursday, as tech stocks pulled back after recent gains while energy shares lifted the Dow.
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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.
|I:DJI||DOW JONES AVERAGES||25827.36||+92.39||+0.36%|
|I:COMP||NASDAQ COMPOSITE INDEX||10207.628547||+53.00||+0.52%|
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.