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US stocks retreat following record-breaking session

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New York: US stocks traded mostly lower on Thursday, after the Dow Jones Industrial Average broke 22,000 milestone for the first time.

The Dow Jones Industrial Average inched down 0.13 point, or less than 0.01 per cent, to 22,016.11, Xinhua news agency reported.

The S&P 500 shed 5.48 points, or 0.22 per cent, to 2,472.09. The Nasdaq Composite Index lost 14.96 points, or 0.24 per cent, to 6,347.68.

The Dow has risen over 11 per cent and recorded three 1,000-points milestones in 2017. The benchmark climbed above 22,000 on Wednesday, lifted by strong earnings from Apple.

In corporate news, shares of Tesla rallied over 6.5 per cent, after the company reported better-than-expected quarterly results.

Meanwhile, investors also turned their eyes to a slew of economic data, as they tried to find clues on when the Federal Reserve might start the balance sheet reduction.

In the week ending July 29, the advance figure for seasonally adjusted initial claims was 240,000, a decrease of 5,000 from the previous week’s revised level, according to the US Labor Department on Thursday.

IANS

 

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