S&P 500 Sets Record High as Tech Leads, Dow Slips

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Stocks traded mostly higher Thursday after the Federal Reserve indicated it wasn’t close to ending its accommodative policy.

© TheStreet S&P 500 Sets Record High as Tech Leads, Dow Slips

Equities held higher even after the number of Americans filing for first-time unemployment benefits rose unexpectedly last week to 744,000, pointing to an uneven U.S. labor market recovery.

The Dow Jones Industrial Average fell 34 points, or 0.1%, to 33,411, the S&P rose 0.23% and set an intraday record high during the session. The Nasdaq jumped 0.85%.

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In the minutes from its March meeting, the Fed said it would be some time before conditions were met that would warrant a scaling back of its monthly asset purchases of $120 billion or a boost in short-term interest rates from nearly zero.

The Fed noted Wednesday that the economy was “a long way” from its goals of maximum employment and inflation of 2%.

Video: More upside to equity markets despite recent rise in U.S. Treasury yields: OCBC (CNBC)

More upside to equity markets despite recent rise in U.S. Treasury yields: OCBC
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“The economy is continuing to improve, although it’s an uneven recovery both in terms of the job market as well as in terms of geographic diversity of outcomes and that’s to be expected given that conditions on the ground are fluid,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

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Benchmark 10-year Treasury yields ticked slightly lower Thursday to 1.649%.

Stocks ended mixed Wednesday with the S&P 500 closing at a record high of 4,079 – its 18th record close of 2021 – and the Dow gaining 0.05% to 33,446. The Nasdaq slipped 0.07%.

Low Volume and Lack of Energy Present Obstacles for Traders

Shares of Apple rose 1.48% Thursday despite a report that said production of some MacBooks and iPads has been postponed because of the global chip shortage.

Chip shortages have caused delays in a key step in MacBook production – the mounting of components on printed circuit boards before final assembly, sources told Nikkei Asia. Some iPad assembly was postponed because of a shortage of displays and display components, sources said.

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Apple is a holding in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.Production of some Apple AAPL MacBooks and iPads has been postponed because of the global chip shortage, Nikkei reported.

Oil prices in the U.S. declined Thursday by 0.64% to $59.39 a barrel.

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