US Market ends modestly higher

The US stock market finished session modestly higher on Thursday, 02 September 2021, with the Nasdaq and the S&P 500 finished the day at new record closing highs, on the back of demand resumption for the energy, health care and industrial stocks on gaining optimism about domestic economic growth after the release of a Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended August 28th.

At the close of trade, the Dow Jones Industrial Average index inclined 131.29 points, or 0.37%, to 35,443.82. The S&P 500 index rose 12.86 points, or 0.28%, to 4,536.95. The tech-heavy Nasdaq Composite Index was up 21.80 points, or 0.14%, to 15,331.18.

Total 8 of 11 S&P500 sectors inclined, while remaining 3 sectors closed down. Energy (up 2.53%) sector was best performer, followed by healthcare (up 1.08%), industrials (up 1.02%), and utilities (up 0.81%) sectors, while communication services (down 0.7%) sector was worst performer.

Total volume turnover on U.S. exchanges was 8.02 billion shares, down from previous session volume of 8.36 billion shares. In the NYSE exchange, 2133 issues advanced, 1125 issues declined, and 181 issues closed unchanged. In the NASDAQ, 2736 issues advanced, 1616 issues declined, and 227 issues unchanged.

ECONOMIC NEWS: Labor Department released report on Thursday showing initial jobless claims dipped to 340,000, a decrease of 14,000 from the previous week's revised level of 354,000. The weekly jobless claims data came a day ahead of the release of the Labor Department's more closely watched monthly jobs report.

Also, the Commerce Department released a report showing trade deficit narrowed to $70.1 billion in July from a revised $73.2 billion in June, as the value of exports jumped by 1.3% to $212.8 billion, while the value of imports dipped by 0.2% to $282.9 billion.

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