Thursday’s closing price of the Dow Jones Industrial Average was lower as investors took a vacation from this month’s rise.
To end a four-day streak of advances, the 30-stock Dow fell 45.74 points, or 0.13%, to settle at 34,945.47. Ending the session at 4,508.24, the S&P 500 had a 0.12% increase. Closing at 14,113.67, the Nasdaq Composite had a 0.07% gain.
Following the company’s shoddy Q. and FY forecast announcement, Cisco Systems saw a nearly 10% decline in value inside a single day. Following the release of a lower-than-expected annual prediction, Walmart, the largest retailer in the world, saw an 8% decline. Within the Dow, these two stocks saw the largest declines.
Along with the almost 5% decline in US crude oil prices, Chevron’s shares dipped 1.6%.
Despite the break in November’s rally, the three indices have gained almost 2% apiece, indicating that equities are heading towards winning weeks. Earlier this week, equities were upheld by two reports on inflation.
A measure of wholesale prices, the producer price index, fell 0.5% in October. Its monthly decrease was the largest since April 2020. October saw the consumer price index remain unchanged, which is encouraging for investors who believe the Federal Reserve may be content with the trend of declining inflation.
Source (CNBC)
