Stocks close slightly higher as gains in tech offset worries about the economy; European markets close lower after Fed flags uncertainty of U.S. recovery; NIS drove BELEX15 up 1.5%; One year inflation expected at 1.5-1.85%
Stocks rose slightly on Thursday as broad gains in major tech names served as a counterweight to disappointing unemployment data. The Dow Jones Industrial Average gained 46.85 points, or 0.1%, to 27,739.73, snapping a three-day losing streak. The S&P 500 gained 0.3%, or 10.66 points, to 3,385.51. The Nasdaq Composite jumped 1%, or 118.49 points, to 11,264.95, hitting a new record close.
Apple, Facebook, Netflix, Alphabet and Microsoft all rose at least 2%. Amazon climbed 1.1%. Intel shares gained 1.7% after the company announced an accelerated buyback plan, calling its stock cheap. Tesla jumped 6.5% to close above $2,000 for the first time ever.
U.S. weekly jobless claims totaled 1.106 million last week, the Labor Department reported. Economists polled by Dow Jones had expected 923,000 first-time applicants during the week ended Aug. 15. In the week prior, the tally had dropped below 1 million for the first time since mid-March.
European stocks closed lower on Thursday after the U.S. Federal Reserve struck a pessimistic tone over the country’s economic recovery prospects. The pan-European Stoxx 600 closed almost 1.1% lower, with basic resources shedding 2.9% to lead losses as all sectors and major bourses slid into negative territory.
BELEX15 was up 1.5%, which was a solid daily gain. This was supported by 3.4% jump at NIS and 2.9% gain at Belgrade Airport. Komercijana was up 1.2% and this also gave positive contribution, while it was the most active name at the same time, with RSD 9.2m in volume.
From the macro side we had the latest inflation report form NBS, where it was said that one year ahead inflation is expected in a range of 1.5-1.85%, while mid-term target was seen at 1.5-2.2%. In both cases this was into the targeted band.
Source: CNBC, Ilirika