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US markets end mostly in green on Thursday
Oct-18-2024

The US markets ended mostly in green on Thursday. Dow Jones Industrial Average still managed to reach a new record closing high. Strength among semiconductor stocks supported the markets for much of the session before a late-day pullback, although the Philadelphia Semiconductor Index still ended the day up by 1.0 percent. The strength in the sector came after Taiwan Semiconductor Manufacturing Company (TSM) reported a sharp increase in third quarter profits. The strong results from TSMC offset concerns about the outlook for semiconductor demand following a warning from Dutch chipmaker ASML (ASML) earlier in the week. Besides, positive sentiment was also generated in reaction to a batch of largely upbeat U.S. economic data, including a Commerce Department report showing retail sales increased by slightly more than expected in the month of September.

The Commerce Department said retail sales rose by 0.4 percent in September after edging up by 0.1 percent in August. Street had expected retail sales to rise by 0.3 percent. Excluding sales by motor vehicle and parts dealers, retail sales climbed by 0.5 percent in September after rising by 0.2 percent in August. Ex-auto sales were expected to inch up by 0.1 percent. Meanwhile, a separate report released by the Labor Department showed an unexpected pullback by first-time claims for U.S. unemployment benefits in the week ended October 12th. The report said initial jobless claims fell to 241,000, a decrease of 19,000 from the previous week's revised level of 260,000. Street had expected jobless claims to inch up to 260,000 from the 258,000 originally reported for the previous week.

Dow Jones Industrial Average rose 161.35 points or 0.37 percent to 43,239.05 and Nasdaq gained 6.53 points or 0.04 percent to 18,373.61, while S&P 500 was down by 1 points or 0.02 percent to 5,841.47.


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