The Dow Jones Industrial Average closed at 25,579.39 on Thursday with a gain of 99.97 points or 0.39%. The S&P 500 closed at 2,847.60 for a gain of 7.00 points or 0.25%. The Nasdaq Composite closed at 7,766.62 for a loss of 7.32 points or -0.09%. The VIX Volatility Index was lower at 21.19 for a loss of 0.91 points or -4.12%.
Thursday’s market movers
Large-cap indexes gained Thursday after closing lower Wednesday from an inverted yield curve selloff. The Dow Jones gained 0.39% after reporting its worst daily loss of 2019. The yield curve spread between the two-year and 10-year Treasury remained steady, ending the day slightly better than Wednesday at 0.035%.
Walmart helped investor confidence with a revenue beat and earnings per share beat of 5 cents. Detractors for the day included comments from China on tariff retaliation and a -8.61% loss from Cisco (NASDAQ:CSCO) after reporting earnings.
Economic reports affecting market trading included the following:
Freddie Mac’s weekly mortgage market survey showed mortgage rates holding steady. The 30-year fixed-rate mortgage averaged 3.60%, unchanged from the previous week. The 15-year fixed-rate mortgage averaged 3.07%, increasing from 3.05%. Retail sales increased 0.7% in July after a 0.3% increase. Year over year, retail sales increased 3.4% following an increase of 3.3%. Retail sales, excluding autos, increased 1% in July following an increase of 0.3%. Jobless claims increased to 220,000 from 211,000. The Bureau of Labor Statistics’ Productivity and Costs report showed unit labor costs increasing 2.4% in the second quarter and nonfarm productivity increasing 2.3%. The Federal Reserve’s Industrial Production and Capacity Utilization report showed industrial production down 0.2% in July following an increase of 0.2%. Year over year, industrial production increased 0.5% following an increase of 1.1%. Manufacturing production decreased 0.4% in July following a 0.6% increase. Year