Dow drifts higher at Thursday’s open but S&P 500 and Nasdaq retreat from records as Jackson Hole looms
U.S. stocks were trading mixed Thursday morning, with the Dow edging up, and the S&P 500 and the Nasdaq Composite pulling back from all-time highs ahead of an important speech from Federal Reserve Chairman Jerome Powell on Friday. The Dow Jones Industrial Average [: DJIA] rose 45 points, or 0.1%, at 35,441, the S&P 500 index
declined less than 0.1% at 4,492, after the broad-market index put in its 51st record of 2021, while the Nasdaq Composite Index
slipped less than 0.1% at 15,040, following its 30th record high of 2021 on Wednesday. In economic data,
an updated reading of U.S. gross domestic prodict, or GDP, showed that the U.S. economy grew at an annualized rate of 6.6% in the second quarter, an upward revision from the initial reading at 6.5%, but below economists average estimates of 6.7% as surveyed by Dow Jones.
Weekly jobless claims, meanwhile, came in at 353,000, hanging around a pandemic low.