Stocks finished mixed Thursday. The Dow added 10 points to 26191 while the S&P 500 was down 7 points to 2806. The Nasdaq Composite declined 39 points to 7530.
The major averages were mixed as equity markets were unable to sustain the sharp rally from the prior session. Monetary policy garnered an outsized focus today as the Federal Reserve elected to keep the benchmark rate unchanged at the end of its two day FOMC meeting. In a prepared statement, the Fed indicated economic activity continues to grow at a strong pace but did note that business investment has cooled. On the data front, initial jobless claims came in at 214,000 in the most recent week.
Six of 11 S&P 500 sectors finished lower with Financials the notable outperformer. The Energy group declined 2.3% and weighed heavily on the major averages as crude oil prices have now fallen 21% from their 52-week high. The Communications group also underperformed as Facebook was off 2.4% to $147.87 and Alphabet slipped 1.2% to $1094.63. The Technology sector provided a headwind to the market as Qualcomm retreated 8.2% to $58.05 after the company revealed weaker than expected forward guidance.
Breadth was negative on issues by roughly 10:9 on both the NYSE and Nasdaq. Composite NYSE volume was more than 3.5 billion shares.
Treasuries were weaker with the yield on the 10-year note up two basis points to 3.24%. In commodities, WTI crude dropped 1.8% to $60.57/barrel, and officially moved into “bear-market territory.” COMEX gold was off 0.4% to $1,224.40/ounce amid a stronger dollar.