Dow claws back after posting triple-digit losses
The Dow clawed back to post a modest gain Thursday after earlier slumping almost 400 points to its midday low.
The Dow Jones Industrial Average rose 5.17 points, or 0.02%, to 23,930.15. The S&P 500 ticked 5.94 points lower to 2,629.73. The Nasdaq Composite fell 12.75 points, or 0.18%, to 7,088.15.
Stocks recorded large swings during the session amid uncertainty over the outcome of trade talks between the U.S. and China. The U.S. sent a large delegation to Beijing, including Treasury Secretary Steven Mnuchin, to begin negotiations over Chinese business practices among other issues. The first round of talks is scheduled to conclude Friday.
The CBOE Volatility Index, Wall Street’s so-called fear gauge, jumped 2.8% in recent trading.
The Dow’s resilience was led by gains in component stocks Boeing and 3M. Among the losers were Tesla, which sank a day after CEO Elon Musk confronted analysts on a conference call.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MMM | 3M CO. | 128.42 | +1.10 | +0.86% |
| BA | THE BOEING CO. | 149.27 | +5.87 | +4.09% |
| TSLA | TESLA INC. | 352.56 | +12.92 | +3.80% |
American International Group fell after Wednesday’s posting of first-quarter earnings that missed analysts’ forecasts.
Investors were also evaluating economic data, including reports on the U.S. trade deficit, which narrowed as exports hit a record high, and worker productivity, which increased modestly in the first quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
The Labor Department will issue its monthly report on U.S. jobs Friday. Economists expect the report to show 192,000 new jobs in April, which would mark an increase over the 103,000 jobs created in March.