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Close Update: Markets Consolidate After Record Setting Run

Stocks were mixed at Thursday's close as Wall Street took a breather after Wednesday's record-setting day and a two-day run higher. The three benchmark averages all set new intra-day highs, but the S&P 500 and Nasdaq Composite settled in the red on losses in the healthcare and technology sectors while the blue-chip index held onto a cautious gain on strength in the banking sector.

The flood of data this morning gave a mixed picture of the economy as jobless claims jumped a larger-than-expected 22,000 for the week ended Jan 21, but the purchasing manager's flash services sector index for January rose to 55.1, beating expectations for an increase to 54.4 from December's 53.9.

The Chicago Fed manufacturing index shot up to a positive 0.14 in December from a negative 0.33 the month prior while the Kansas City Fed manufacturing index improved to 20 from a revised 18 in December, previously reported as 18.

Wholesale inventories rose 1.0%, and leading economic indicators increased 0.5%, both of which were in-line with expectations.

But it was a 10.4% drop in new home sales in December that got Wall Street's attention as the seasonally-adjusted annual rate of 536,000 last month was the third lowest of 2016. The decline also drove up the existing inventory of new homes as it will now take 5.8 months to exhaust the current supply of homes, up from 5.0 months in November.

Fourth-quarter GDP headlines Friday's economic calendar, followed by the December durable goods orders report and the Univ of Michigan consumer sentiment index for January.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was up 32.40 points (+0.16%)

S&P 500 was down 1.69% (-0.07%)

Nasdaq Composite Index was down 1.16 points (-0.02%)

GLOBAL SENTIMENT

FTSE 100 was down 0.04%

Nikkei 225 was up 1.81%

Hang Seng Index was up 1.41%

Shanghai China Composite Index was up 0.31%

UPSIDE MOVERS

(+) AVGR (+34.78%) Presents positive data from study of vascular technology

(+) URI (+11.20%) Reported better-than-expected Q4 results

(+) SHW (+7.61%) Q4 results beat expectations, Issued strong profit guidance for Q1 and FY17

DOWNSIDE MOVERS

(-) WRLD (-18.33%) Reported weak fiscal Q3 results

(-) DRWI (-19.05%) Reduced the exercise price of its outstanding short-term warrants

(-) MAT (-17.65%) Q4 sales and earnings missed Wall Street projections

(-) ENTL (-13.92%) Prices public offering of 3.5 million shares at 12.3% discount

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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