Following the strength seen in the previous session, stocks turned in a mixed performance during trading on Thursday. While the Dow rose to its best closing level in three months, the Nasdaq and the S&P 500 moved to the downside.
The major averages ended the day on opposite sides of the unchanged line. The Dow climbed 95.02 points or 0.4 percent to 25,241.41, but the Nasdaq slid 54.17 points or 0.7 percent to 7,635.07 and the S&P 500 edged down 1.98 points or 0.1 percent to 2,770.37.
The advance by the Dow was partly due to a sharp jump by shares of McDonald's (MCD), which surged up by 4.4 percent.
The gain by McDonald's (MCD) came after a report from the Wall Street Journal said the fast food giant is planning a fresh round of layoffs to further shrink its corporate structure.
Notable gains by Chevron (CVX), Procter & Gamble (PG) and Travelers (TRV) also contributed to the upward move by the Dow.
Meanwhile, the pullback by the Nasdaq may partly have been due to profit taking after the tech-heavy index rose to new record highs in recent sessions.
On the U.S. economic front, the Labor Department released a report showing a modest decrease in initial jobless claims in the week ended June 2nd.
The report said initial jobless claims edged down to 222,000, a decrease of 1,000 from the previous week's revised level of 223,000.
Economists had expected jobless claims to rise to 225,000 from the 221,000 originally reported for the previous week.
Most of the major sectors ended the day showing only modest moves, although considerable strength was visible among energy stocks amid a sharp increase by the price of crude oil. Crude for July delivery jumped $1.22 to $65.95 a barrel.
Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index spiked by 2.6 percent, the Philadelphia Oil Service Index surged up by 2.2 percent and the NYSE Arca Oil Index climbed by 1.3 percent.
On the other hand, steel stocks moved sharply lower over the course of the session, dragging the NYSE Arca Steel Index down by 2.7 percent.
Computer hardware and semiconductor stocks also moved to the downside, contributing to the pullback by the Nasdaq.
In overseas trading, stock across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index jumped by 0.9 percent, while Hong Kong's Hang Seng Index climbed by 0.8 percent.
Meanwhile, the major European markets moved modestly lower on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both dipped by 0.2 percent.
In the bond market, treasuries regained ground following the notable pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.2 basis points to 2.933 percent.
Trading activity on Friday may be impacted by reaction to news out of the G7 summit set to get underway in Canada amid concerns about a global trade war.
by P2PNews Staff Writer