Sumary of Wall Street ekes out gains, led by tech, growth stocks:
- Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Reuters Stephen Culp Article content NEW YORK — Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.
- “The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.
- The number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.
- Article content Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.
- “The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added.
- Drugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.
- Shares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.
- Chipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.