The major indices kicked off the week with gains, with the S&P 500 Index reaching its highest level since January. A strong second quarter earnings season led to the increase. The momentum continued Tuesday as indices closed trading with gains. Energy and Industrials sector stocks led the ascent. Midweek, U.S. stocks waffled between small gains and losses as shares of Consumer Staples and Energy were among the worst performers in the S&P. Markets were mixed on Thursday, with the Dow Jones Industrial Average and S&P 500 both closing in the red zone, while the tech-heavy NASDAQ Composite stepped up. Moves were mixed on a variety of economic news. Labor Department figures showed wholesale inflation held steady in July. The Producer Price Index for final demand was unchanged after rising 0.3% in June, while the core PPI edged up 0.3% for the second straight month. On another note, initial jobless claims decreased last week. New claims fell by 6,000 to 213,000 in the week ended August 4. The result marked the first decline in three weeks. The major indices ended trading in the red zone on Friday, with stocks dipping on news of Turkey’s currency crisis. On another note, consumer prices ticked up in July. The U.S. Consumer Price Index climbed 0.2%, in line with consensus expectations. The core measure, which discounts food and energy, also rose 0.2%.
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