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* Weekly unemployed claim more than 1 million back
* Nvidia dips as data center business results disappoint
* L Brands increases after placing a surprising profit
* Intel jumps after announcing $ 10 billion repurchase plan
* Indices: Dow dips 0.18%, S&P off 0.08%, Nasdaq up 0.34% (adds addition, details; updated prices)
By Medha Singh and Sruthi Shankar
Aug 20 (Reuters) – The S&P 500 index did not change much on Thursday as gains in heavyweight tech stocks offset downbeat data that underscores the Federal Reserve’s view of a difficult road to recovery.
The number of Americans submitting a new unemployment benefit claim unexpectedly fell above the 1 million mark last week, after slipping below that level for the first time since the start of the pandemic.
A separate set of data from the Philadelphia Fed revealed that index of business conditions fell more than expected in August.
“Weekly unemployment claims show how uneven the economic recovery will be,” said Art Hogan, chief market strategist at National Securities in New York.
The volatility in unemployment claims follows an additional $ 600 weekly unemployment benefit at the end of July and comes at a time when Democrats in Congress and the White House failed to reach an agreement on extending it.
“I hope everything that happens can encourage Congress to get incentives together. The longer Washington delays the next round of stimulus, the more this market will find turbulence. ”
The S&P 500 and Nasdaq withdrew from a record high a day earlier after minutes of the last Fed policy meeting highlighting the slow pace of labor market slows in May and June.
Economically sensitive financial and energy sectors posted the largest declines among major S&P sectors.
Technology and communications services, which include Apple Inc, Amazon.com and Netflix Inc, performed better than betting success in a post-pandemic world.
Despite signs that parts of the economy were still far from pre-pandemic levels, the benchmark S&P 500 index completed this rapid recovery from a bear market this week, joining the Nasdaq in scaling new peaks.
At 11:19 ET, the Dow Jones Industrial Average was down 50.89 points, or 0.18%, at 27,641.99 and the S&P 500 was down 2.79 points, or 0.08%, at 3,372.06. The Nasdaq Composite rose 37.72 points, or 0.34%, to 11,184.18.
Airline shares took a hit, with the S&P 1500 Airlines index falling 1.1% after American Airlines Group Inc announced plans to stop flights to 15 U.S. airports in October as demand for travel remained low.
Nvidia Corp. slipped 0.3% to disappointing corporate data results for data centers expecting better-than-expected quarterly sales.
Intel Corp rose 2% after announcing a $ 10 billion share sale plan.
L Brands Inc rose 6.1% after reporting a surprising quarterly profit, boosted by strong demand for Bath & Body Works products and also by higher online sales of Victoria’s Secret lingerie.
Declining issues have the proponents less than a 1.73-to-1 ratio on the NYSE and for a 1.88-to-1 ratio on the Nasdaq.
The S&P index recorded 10 new highs of 52 weeks and no new lows, while the Nasdaq recorded 45 new highs and 21 new lows. (Report by Medha Singh and Sruthi Shankar in Bengaluru; Edited by Uttaresh.V and Anil D’Silva)
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