DWDP - Dow Falls after Wednesday's Monster Rally
Blue chips in New York fell on Thursday as equities took a breather following a sharp rally in the previous session. Declines in Microsoft and DowDuPont also pressured the index.
Wednesday marked the Dow's first close above 25,000 since Dec. 4.
The S&P 500 added 10.01 points to 2,691.06. The S&P 500 is up about 7% this month and is on track to post its biggest January gain since 1989.
The NASDAQ Composite gathered 67.48 points to 7,250.56, on strong Facebook earnings.
Microsoft fell 2% after the company reported weaker-than-expected revenue and earnings that barely beat expectations. The tech giant also issued quarterly earnings guidance that was lower than expected.
DowDuPont, another Dow member, fell 8.4% on the back of mixed quarterly results. Tesla shares dipped 4% on the back of weaker-than-expected earnings. The company also said its CFO was leaving his post.
These results overshadowed strong earnings reactions from General Electric and Facebook. Shares of Facebook surged 10.5% after the company's quarterly results easily topped expectations. GE shares jumped 9.3% on stronger-than-forecast revenue.
Thursday was the last day of the month and the S&P 500 was on pace to post its biggest monthly gain since October 2015. The surge this month follows a massive drop in December.
Last month, the S&P 500 fell 9.2% and briefly dipped into bear-market territory on an intraday basis on Christmas Eve. Since Dec. 24, however, stocks have been on a tear, with the S&P 500 rising about 14%.
The major indexes shot up on Wednesday after the Federal Reserve said it will be “patient” with raising rates moving forward
Prices for the benchmark 10-year U.S. Treasury climbed, lowering yields to 2.65% from Wednesday's 2.69%. Treasury prices and yields move in opposite directions.
Oil prices gained a dollar to $55.23 U.S. a barrel.
Gold prices popped $11.90 to $1,327.40 U.S. an ounce.