US: Stocks hover near records

The US stocks closed choppy trade mostly higher on Thursday, 11 February 2021, with the S&P 500 and Nasdaq reaching new record closing highs, while the Dow managed to close edge lower.

The chopping trading on Wall Street came as concerns the markets overheating following recent strength outweighed optimism about additional stimulus along with largely upbeat earnings news. Market participants were also digesting a report from the Labor Department showing jobless claims decreased from an upwardly revised level but came in above estimates.

At the close of trade, the Dow Jones Industrial Average index declined 7.10 points, or 0.02%, to 31,430.70. The S&P 500 index added 6.50 points, or 0.17%, to 3,916.38. The tech-heavy Nasdaq Composite Index added 53.24 points, or 0.38%, to 14,025.77.

S&P 500 tech (+1.1%) and semi-conductors (+3.5%) stocks hit record highs and supported the broader market, but energy (-1.5%) and industrials (-0.2%) stocks slid and capping the market upward move.

Shares in MasterCard lifted 2.6% after announcing plans to offer support for some cryptocurrencies on its network this year.

Shares in Bank of New York Mellon climbed 0.9% after saying it had formed a new unit to help clients hold, transfer and issue digital assets.

ECONOMIC NEWS: The Labor Department said initial jobless claims edged down to 793,000 in the week ended February 6th, a decrease of 19,000 from the previous week's revised level of 812,000.

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