US stocks finish higher after choppy session - RTHK
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US stocks finish higher after choppy session

2022-08-19 HKT 04:32
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  • All three major indices on the NYSE edged up on Thursday. Photo: Shutterstock
    All three major indices on the NYSE edged up on Thursday. Photo: Shutterstock
Wall Street stocks finished higher on Thursday after a choppy session as investors weighed prospects for further upward movement following mixed earnings.

Equities opened lower, amid expectations the market would need to "digest" recent gains, but prices fluctuated throughout the session.

"It's meandering in low volume for sure," said Art Hogan, chief market strategist at B Riley Wealth Management, adding that there has been relatively light economic news.

"We're in the summer doldrums," he said. "I'm not surprised to see this market action the way it is."

The Dow Jones finished up 0.1 percent at 33,999.

The S&P 500 gained 0.2 percent to close at 4,283, while the Nasdaq also advanced 0.2 percent to 12,065.

Existing home sales fell sharply in July, dropping 5.9 percent compared to June, to an annual rate of 4.81 million units, seasonally-adjusted.

The figures missed expectations, highlighting a drag from higher borrowing costs.

Among individual companies, Dow-component Cisco Systems jumped 5.8 percent as the tech giant reported better-than-expected results and pointed to strong demand, with record orders.

Kohl's slumped 7.7 percent as the department story reported a drop in profit on lower sales.

The retailer warned of a "softer demand outlook," saying the most recent quarter was marred by "a weakening macro environment, high inflation and dampened consumer spending, which especially pressured our middle-income customers." (AFP)