The major indices started the week on a low note as stocks traded lower on a variety of economic news. Crude oil prices ticked up settling at $68.57 a barrel, which caused energy stocks to decline. Trading was mixed on Tuesday with the Dow Jones Industrial Average closing lower. Good earnings news in Technology helped push the S&P 500 index and the NASDAQ composite higher for the day. The market was back in the red zone mid-week when stocks slipped on the release of commentary from the latest Federal Open Market Committee meeting. The Fed held steady on interest rates, which will remain in a range between 1.5% and 1.75%. While the decision surprised few, the committee also noted strong gains in jobs and economic activity expanding at a “moderate rate.” Thursday saw more mixed results as the Dow rebounded from early lows to close with slight gains. The S&P 500 and NASDAQ shed some points. The session was turbulent, but when all was said and done, stocks closed trading along the flat line. Moves were mixed on a variety of economic news, including initial jobless claims, which ticked up last week. Department of Labor data showed new claims increased by 2,000 to 211,000 in the last week of April. On another note, the U.S. trade gap dipped in March. The deficit decreased 15.2% to $49 billion, down from $57.7 billion in February. Exports climbed to a record $208.5 billion in March. Indices finally made it into the green zone on Friday with gains in the Technology sector. On another note, data from the Department of Labor showed the U.S. economy added 164,000 jobs in April while the unemployment rate fell to 3.9%. Additionally, West Texas Intermediate crude climbed 1.9% to close at a three-year high of $69.76.
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