Stocks climbed modestly higher on Thursday, with the Dow Jones Industrial Average and S&P 500 both notch another batch of fresh record closing highs amid the broader market inch up.
Among sectors of the S&P, health care
Here's how the market settled Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Most U.S. counties now meet CDC COVID guideline for masks indoors:
Centers for Disease Control and Prevention (CDC) Director Dr. Rochelle Walensky stated Thursday that most counties in the United States now fall within the federal health agency's threshold for recommended indoor masks usage based on COVID infection rates.
"We continue to see cases, hospitalizations and deaths increase across the country. And now, over 90% of counties in the United States are experiencing substantial or high transmission," Walensky said during a White House press conference Thursday. "As we have been saying, by far, those at highest risk remain people who have not yet been vaccinated."
Producer price increases accelerate in July:
Producer price increases came in at a more-than-expected rate in July, underscoring ongoing supply chain issues and shortages as the economy works to recover from the pandemic-fueled recession.
Producer prices rose 1.0% month-over-month in July, according to the Bureau of Labor Statistics's latest report published Thursday. July's rate matched June's monthly rise and came in above the 0.6% increase expected by consensus economists. Moreover, excluding volatile food and energy prices, producer prices still matched June's 1.0% increase in July.
Compared to last year, the headline producer prices rose by 7.8%, reaching an all-time high and accelerating from June's 7.3% annual increase and topping the 7.2% expected. Excluding food and energy, the index increased by 6.2%, exceeding the 5.6% expected.
Here's how the started trading soon after opening bell:
S&P 500 Index: -0.13% or -5.73 points to 4,441.97
Dow Jones Industrial Average: -0.06% or -21.09 points to 35,463.88
Nasdaq Composite Index: -0.17% or -29.94 points to 14,739.43
Initial jobless claims fall for a third straight week:
Initial unemployment claims fell for a third straight week last week, coming in-line with consensus economists expectations and remaining below the 400,000 mark for another week.
New jobless claims totaled 375,000 for the week ended Aug. 7, according to the Labor Department's latest report published Thursday. Still, the prior week's unemployment claims were upwardly revised to 387,000 from the 385,000 previously reported.
Continuing jobless claims also declined for the week ended July 31, falling 114,000 to 2,866,000. The previous week's total was revised upward to 2,980,000. This is the lowest level for continuing claims since March 14, 2020, which its was 1,770,000.
