Dow Jonesin a choppy session after data

Stocks in the US finished little changed on Thursday’s in a choppy session after data showed the economy picked up its pace in the second quarter, leaving the Federal Reserve on track to raise interest rates as soon as September and weekly jobless claims remained near their lowest level in decades. Economic activity in the US climbed in the second quarter of the year to a reach an annualized pace of 2.3%, falling short forecasts for a 2.5% reading. However, the pace of growth for the first three months of the year was revised up to show a gain of 0.6% instead of the previous estimate which revealed a contraction of 0.2%. Initial jobless claims for the seven days ending on 25 July increased by 12,000 to reach 267,000 compared with a forecast of 275,000. In company news, Linkedin shares jumped 8% after close as it reported second-quarter adjusted earnings of 55c, ahead of forecasts for 30c. Facebook dropped 1.84% after reporting a decline in second quarter earnings. Whole Foods dropped 11% after posting results that fell short of forecasts late on Wednesday, while phone-maker Nokia jumped 7.53% after delivering better than forecast results. Time Warner Cable dropped nearly 1% after reporting a 19% drop in adjusted second quarter profit, which was short of forecasts. The S&P 500 ended the session up 0.06 of a point at 2,108.63. The Dow Jones closed down 5.41 points at 17,745.98 and the Nasdaq Composite finished up 17.05 points at 5,218.79.

Comments are closed here.