U.S stock indexes on Thursday were trading mostly higher, after a slew of economic data releases that are expected to spur discussion among investors about the Federal Reserve's response to the strengthening economic recovery. The Dow Jones Industrial Average was trading 246 points, or 0.7%, to 34,568, the S&P 500 index was trading 0.3% at 4,209, and the Nasdaq Composite Index was trading flat but in negative territory at 13,732. The trading action comes after a reading of initial jobless claims sank 38,000 to 406,000 in the week ended May 22, the government said Thursday. That's the fewest number of requests for compensation since the onset of the pandemic nearly 15 months ago. In other economic data, the Commerce Department said U.S. gross domestic product grew at a 6.4% annualized pace in the first quarter, unrevised from its initial estimate. Separately, durable-goods orders fell 1.3% in April while so-called core orders rose 1%. An April pending home-sales index scheduled for 10 a.m. is expected to slow to 1% after a 1.9% March reading. Meanwhile, Sen. Shelley Moore Capito of West Virginia said she and a small group of other Republicans are proposing infrastructure spending of $928 billion over eight years, as they unveiled their counteroffer amid ongoing negotiations with President Joe Biden's administration. Shares of Ford Motor (F) were trading near a 5-year high as the vehicle maker said it was upping its commitment to electric vehicles.
-Mark Decambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 27, 2021 09:35 ET (13:35 GMT)
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