BIR:CC - Stocks Continue Downward Trek
Stocks traded lower Thursday as investors digested the latest round of earnings and economic data, and as rates jumped to fresh highs.
The Dow Jones Industrials plummeted 291.84 points to conclude Thursday at 34,473.90
The much-broader index retreated 34.19 points to 4,370.14.
The NASDAQ index ditched 55.95 points to 13,418.67. The major averages sustained their third straight day of losses.
Walmart declined more than 2% even after reporting an earnings and revenue beat in the fiscal second quarter. The company also raised its full-year guidance and underscored strength in grocery and online sales.
On a positive note, computer networking company Cisco Systems gained nearly 4% on a better-than-expected quarterly earnings report.
Stocks have been suffering through a rocky August, with the major averages headed toward another losing week and in negative territory for the month. The broad market index is down more than 4% in August.
Jobless claims for the week ended Aug. 12 fell from the previous period and came in slightly under the Dow Jones estimate. The Philadelphia Federal Reserve also reported an uptick in its manufacturing index in August.
Prices for the 10-year Treasury inched back, raising yields to 4.28% from Wednesday's 4.27%. Treasury prices and yields move in opposite directions.
Oil prices gained 68 cents to $80.06 U.S. a barrel.
Gold prices thundered lower $9.20 to $1,919.10 U.S. an ounce.