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US Market Indexes Close Mostly Lower Thursday After 3-Day Rally

- By Julie Young

The Dow Jones Industrial Average closed at 25,709.94 on Thursday with a gain of 7.05 points or 0.03%. The S&P 500 closed at 2,808.48 for a loss of 2.44 points or -0.09%. The Nasdaq Composite closed at 7,630.91 for a loss of 12.49 points or -0.16%. The VIX Volatility Index was lower at 13.38 for a loss of 0.03 points or -0.22%.

Thursday's market movers

The S&P 500 and Nasdaq were lower Thursday after a three-day rally. Boeing (BA) continued to be a concern, announcing Thursday it would ground all 737 MAX airplanes. The news follows groundings from several countries already, including the U.S. and Canada on Wednesday. Boeing's stock was down 0.83% on Thursday and is flat for the week. Afternoon headlines also reported the Senate had passed a resolution blocking President Trump's national emergency declaration. The resolution has already passed in the House and now moves to the president, who says he will veto it. In the S&P 500, materials, industrials, consumer discretionary and health care all led losses.

Around the world, investors were watching Chinese economic data and the U.K.'s Brexit voting. Industrial output from China was weaker than expected. U.S.-China trade negotiations have also stalled, pushing a possible meeting between the two countries' leaders until April. In the U.K., Parliament voted to delay the country's exit from the European Union beyond March 29.

In Treasuries, price changes were mixed for the day with the longer end of the curve showing yield increases. In foreign exchange, the dollar gained against the British pound and Chinese yuan, with the U.S. Dollar Index increasing 0.32% to 96.78.

Economic reports affecting market trading included the following:

  • Import and export prices were released. Export prices increased 0.6% in February with a 0.3% year-over-year increase. Import prices increased 0.6% in February with a year-over-year decrease of 1.6%.
  • Jobless claims increased to 229,000 from 223,000,
  • New home sales decreased 6.9% in January to a seasonally adjusted annual rate of 607,000.
  • The Treasury held an auction for four-week bills at a rate of 2.420%.
  • Freddie Mac's weekly mortgage market survey showed mortgage rates decreasing. The 30-year fixed-rate mortgage averaged 4.31%, decreasing from 4.41%. The 15-year fixed-rate mortgage averaged 3.76%, decreasing from 3.90%.

In the Dow Jones Industrial Average, the following stocks led losses and gains:

  • Pfizer (PFE) -1.92
  • DowDuPont (DWDP) -1.38
  • Visa (NYSE:V) 1.38%
  • Apple (AAPL) 1.23%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,551.24 for a loss of 4.64 points or -0.30%. The S&P 600 closed at 946.78 for a loss of 4.72 points or -0.50%. The Dow Jones Small-Cap Growth TSM Index closed at 9,818.51 for a loss of 27.55 points or -0.28%. The Dow Jones Small-Cap Value TSM Index closed at 9,549.62 for a loss of 27.32 points or -0.29%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,893.93 for a loss of 1.61 points or -0.08%; the S&P 100 at 1,240.68 for a loss of 1.30 points or -0.10%; the Russell 3000 at 1,658.03 for a loss of 2.21 points or -0.13%; the Russell 1000 at 1,556.64 for a loss of 1.75 points or -0.11%; the Wilshire 5000 at 29,065.79 for a loss of 29.79 points or -0.10%; and the Dow Jones U.S. Select Dividend Index at 701.59 for a loss of 2.32 points or -0.33%.

This article first appeared on GuruFocus.