NEW YORK, July 23 ― US stock markets closed higher after a mixed trading session as investors digested negative economic data reflecting the country's struggle to move past the Covid-19 pandemic, while yields on safe-haven assets such as US Treasuries slipped.
The Dow Jones Industrial Average rose 25.35 points, or 0.07 per cent, to close at 34,823.35, the S&P 500 gained 8.79 points, or 0.20 per cent, to end the day at 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36 per cent, to close at 14,684.60. “We had a form of capitulation in the market, Wednesday, Thursday, Friday and Monday, but a sign of resilience occurred on Tuesday and Wednesday,” said Steve Goldman at Goldman Management. “That’s typically a favourable sign for a market not far from its high. That’s usually a hopeful sign. It tends to indicate that the selling pressure has subsided.”
There were increases in filings for unemployment benefits in California, Illinois, Kentucky, Michigan, Missouri and Texas. Some of these states have experienced a surge in new coronavirus cases as the more contagious Delta variant spreads, while US senators try to take aim at tech companies allowing misinformation about vaccines to spread.
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