The major indices ended trading down on Monday as Technology brands led decliners on the NASDAQ Composite. However, while stocks slipped, oil climbed. West Texas Intermediate crude jumped up 1.9% settling at $69.98 a barrel. Stocks climbed on Tuesday as The Street saw strong earnings reports in the Industrials sector and a bounce back in Technology shares. In economic news, Consumer Confidence rose in July, but increasing pessimism marred expectations. Home purchase plans dropped to their lowest level in two years. Mid-week, the market was mixed with the Dow Jones Industrial Average and S&P 500 Index trading in the red while the NASDAQ stepped up. Comments following the two-day Federal Open Market Committee meeting came as no surprise. The Fed held interest rates steady but expressed the likelihood of further hikes as the economy remains strong and inflation tame. On another note, U.S. manufacturing slowed slightly in July. The ISM manufacturing index dipped to 58.1 from 60.2 in June. Consumer Discretionary and Technology brands led advancers on Thursday, while Energy and Materials lagged. The Dow shed some points and the S&P 500 and NASDAQ closed in the green as concerns of more tariffs ramped up. Meanwhile, Department of Labor numbers showed an increase in jobless claims from the previous week’s unrevised level to 218,000 in the week ended July 28, a low level not seen since the early 1970s. Indices closed in the green zone on Friday on a variety of economic news. Data from the Bureau of Labor Statistics showed employers added 157,000 jobs in July versus an upwardly revised 248,000 in June. The result was shy of estimates of 193,000 but marks an 18-year low level in unemployment. Additionally, the unemployment rate dipped to 3.9%. In the last economic report for the week, the ISM non-manufacturing index showed activity decreased in July. The index fell to 55.7 from 59.1 in June.
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