Rebound Attempt Fails, Stocks Down Thursday
U.S. stocks dropped in choppy trading on Thursday as investors mulled over several economic reports that showed a muddy picture of the U.S. economy. The Dow Jones Industrials sailed lower 173.27 points to finish Thursday to 30,961.82 The SP 500 sank 44.66 points, or 1.1%, to 3,901.35. The NASDAQ Composite subtracted 167.32 points, or 1.4%, to 11,606.53. Shares of Adobe weighed on the NASDAQ and SP 500. The software stock fell more than 16% after the company announced a $20-billion deal to buy Figma. The weakness spread to other tech stocks, with Apple falling 1.9% and Salesforce sliding 3.4%. Bank stocks were a bright spot, with Goldman Sachs and JPMorgan rising more than 1% apiece. UnitedHealth Group rose 2.6%. Wall Street is still trying to find its footing after a surprise increase in August’s consumer price index report sparked a decline of more than 1,200 points for the Dow on Tuesday. A minor rebound on Wednesday was wiped out by Thursday’s declines. On Thursday, initial jobless claims came in better than expected, but import prices saw a smaller drop than estimates suggested.
Rebound Attempt Fails, Stocks Down Thursday
U.S. stocks dropped in choppy trading on Thursday as investors mulled over several economic reports that showed a muddy picture of the U.S. economy. The Dow Jones Industrials sailed lower 173.27 points to finish Thursday to 30,961.82 The SP 500 sank 44.66 points, or 1.1%, to 3,901.35. The NASDAQ Composite subtracted 167.32 points, or 1.4%, to 11,606.53. Shares of Adobe weighed on the NASDAQ and SP 500. The software stock fell more than 16% after the company announced a $20-billion deal to buy Figma. The weakness spread to other tech stocks, with Apple falling 1.9% and Salesforce sliding 3.4%. Bank stocks were a bright spot, with Goldman Sachs and JPMorgan rising more than 1% apiece. UnitedHealth Group rose 2.6%. Wall Street is still trying to find its footing after a surprise increase in August’s consumer price index report sparked a decline of more than 1,200 points for the Dow on Tuesday. A minor rebound on Wednesday was wiped out by Thursday’s declines. On Thursday, initial jobless claims came in better than expected, but import prices saw a smaller drop than estimates suggested.