Dow Jones Rises above the Rest of the Stock Market

On Thursday, the Dow Jones Industrial Average beat out the Nasdaq Composite and the S&P 500 by climbing 1.07%. This is the first time since early June that it has outperformed the other indices.

Dow Jones finally breaks the 40,000 level

The Nasdaq dropped by 0.79%, and the S&P 500 was down by 0.25%. These are not significant drops for these indices, though, since they have been high for a while.

 

Nvidia (NVDA) was once again one of the biggest news stories on the market for Thursday. That stock had been climbing very quickly recently, but before the market closed, it had dropped by 3.54%. This severe price correction does not sound the death knell on investor interest in the stock but only a more realistic valuation of the stock after its recent artificial inflation.

GameStop (GME) stock was down as well, dropping 1.33% down to $25.23 per share as opposed to its recent high of $29.12. The company’s stock is still well above its pre-bull trend period but well below the highest highs of recent weeks.

Economic Data Comes in

Investors were processing new economic reports and weighing their investment decisions based on where they expect the market to move now. Inflation in the UK dropped down to the expected level, but the Bank of England is keeping a tight grip on current internet rates.

In the US, jobless claims are down slightly but not as much as was anticipated. The housing market saw a small decline, and US inflation is holding tight. Treasury yields climbed on both 10- and 2-year yields. The Philadelphia Fed index, which reports on factory work in the area, was a letdown.

The mixed data caused the stock market to drop overall, with major stocks that had been enjoying impressive gains recently dropping quickly and unexpectedly. We may see a repeat of this disappointing activity today as the market opens, though trading should be slightly more muted.

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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