Indexes Close Flat As Dollar Gains Momentum
Major indexes managed to end the day flat after starting lower on a worse than expected jobless claims report.
- The Dow Jones Industrial Average dropped 19.7 points, or 0.12 percent, to 17,049.
- The S&P 500 added 1.8 points, or 0.09 percent, to 1,997.
- The Nasdaq Composite gained 5.3 points, or 0.12 percent, to close at 4,592.
315,000 initial jobless claims were filed last week while economists expected just 300,000. This compares to 302,000 initial claims in the previous week. Continuing jobless claims were in line.
Shares of E2open (NASDAQ: EOPN) were down 26.3 percent to $11.51 after the company issued a weak full-year revenue forecast and announced the resignation of its chief sales officer, David Packer. The company also announced that its three customers will not be renewing contracts.
Crocs (NASDAQ: CROX) was down, falling 5.3 percent to $14.25. Buckingham Research downgraded Crocs from Buy to Neutral.
Energy prices shot higher Thursday, led by strong WTI gains. WTI crude futures were last up 1.63 percent to $93.16. Brent futures gained 0.27 percent to $98.30. Natural gas, however, sold off 2.81 percent on the session.
Precious metals continued their trek lower. At last check, COMEX gold futures were down 0.24 percent to $1,242.30. Silver contracts plummeted 1.17 percent to $18.71.
Asian markets were mixed last night, with strength coming from Japan. The Shanghai index fell 0.3 percent with Hong Kong's Hang Seng down 0.2 percent. Japan’s Nikkei added 0.8 percent.
European markets ended their session lower. The Euro Stoxx index, which tracks 50 eurozone blue chips, gave up 0.2 percent percent. London's FTSE gave up 0.5 percent, and France's CAC dropped 0.2 percent.
The U.S. dollar once again showed its strength and play a role in keeping equities from moving higher. The PowerShares ETF (NYSE: UUP) that tracks the performance of the greenback versus a basket of foreign currencies rose 0.1 percent to make a new year high.
Despite the strong dollar, the EUR/USD pair bounced off its low with a 0.04 percent gain Thursday.
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