Poor jobs data drags on stocks
THE S&P 500 and the Dow edged lower yesterday as data showed that private sector hiring unexpectedly fell to a seven-month low in April, sparking concerns that Friday’s key jobs report will also disappoint investors
The Dow Jones industrial average dropped 10.75 points, or 0.08 per cent, to 13,268.57. The Standard & Poor’s 500 Index fell 3.52 points, or 0.25 per cent, to 1,402.30. The Nasdaq Composite Index gained 9.41 points, or 0.31 per cent, to 3,059.85.
Helping the Nasdaq, Intel’s shares continued to march higher, hitting their highest level since 2004.
Traders see continued flows into large cap technology stocks as a bullish sign. Many investors consider Intel, which closed up 0.8 per cent to $29.18 yesterday, to be undervalued.
Shares in PulteGroup, the number two US homebuilder, rose 2.4 per cent.