After moving to the downside early in the session, stocks regained ground over the course of the trading day on Thursday. The major averages climbed well off their early lows and spent much of the day lingering near the unchanged line.

The major averages eventually ended the day narrowly mixed. While the Dow crept up 28.77 points or 0.1 percent to 43,325.80, the Nasdaq slipped 10.77 points or 0.1 percent to 20,020.37 and the S&P 500 (SPI:SP500) edged down 2.45 points or less than a tenth of a percent to 6,037.59.

The early weakness on Wall Street came as some traders cashed in on the recent strength in the markets, which saw the Nasdaq and the S&P 500 nearly offset last week’s sell-off.

The Dow has closed higher for four straight sessions on the heels of a ten-day losing streak, while the Nasdaq and the S&P 500 has moved higher for three straight days.

Selling pressure waned shortly after the start of trading, however, as many traders remained away from their desks following the Christmas Day holiday on Wednesday.

Many major markets overseas remained closed on Thursday in observance of Boxing Day, which may also have kept some traders on the sidelines.

On the U.S. economic front, the Labor Department released a report this morning showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended December 21st.

The report said initial jobless claims slipped to 219,000, a decrease of 1,000 from the previous week’s unrevised level of 220,000. Economists had expected jobless claims to rise to 224,000.

Reflecting the lackluster close by the broader markets, most of the major sectors ended the day showing only modest moves.

Brokerage stocks showed a notable move to the upside, however, with the NYSE Arca Broker/Dealer Index climbing by 1.0 percent.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Thursday, with several major markets closed for Boxing Day. Japan’s Nikkei 225 Index jumped by 1.1 percent, while South Korea’s Kospi fell by 0.4 percent.

Meanwhile, the major European markets all remained closed on the day in observance of Boxing Day.

In the bond market, treasuries recovered from early weakness to end the day modestly higher. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.2 basis points to 4.579 percent after reaching a high of 4.641 percent.

Looking Ahead

Trading activity may remain relatively subdued on Friday, with a lack of major U.S. economic data likely to keep traders on the sidelines.

SOURCE: RTTNEWS