Market Update: Key Indices Show Modest Gains Amid Mixed Economic Data
U.S. stocks rose modestly as mixed economic data and corporate earnings results influenced trading ahead of the Thanksgiving holiday.
Major U.S. stock indexes edged higher on Tuesday, with the S&P 500 and Nasdaq Composite posting small gains as investors weighed mixed economic signals. The S&P 500 rose 0.2% to close at 4,543.50, while the Nasdaq Composite gained 0.3% to finish at 14,354.87. The Dow Jones Industrial Average lagged slightly, adding just 14 points to end at 35,307.63. Trading volume was below average ahead of the Thanksgiving holiday.
Investors digested a report showing U.S. consumer confidence fell more than expected in November to a six-month low, reflecting concerns about the labor market and business conditions. However, a separate report from the Labor Department showed a modest decrease in weekly jobless claims, suggesting the labor market remains resilient. "The data continues to paint a picture of a moderating but still-solid economy," said one economist. "The consumer is pulling back a bit, but the labor market is holding up."
In corporate news, Salesforce Inc. rose 2.6% after announcing a $4 billion stock buyback program. Dollar Tree gained 3.3% following quarterly results that beat estimates, while Vail Resorts fell 4.5% after forecasting lower-than-expected earnings. Meanwhile, the yield on the 10-year Treasury note fell to 4.24%, and oil prices slipped, with U.S. crude settling at $78.03 a barrel.