Wall Street closed lower on Thursday, its big rally losing momentum despite fatter-than-expected profit reports from big companies and the latest signals of a resilient economy. Had the Dow finished in positive territory, it would have been 14 days in a row, matching a feat last accomplished in 1897, per the AP.
- The S&P 500 fell 29 points, or 0.6%, to 4,537.
- The Dow fell 237 points, or 0.6%, to 35,282.
- The Nasdaq flipped from an early gain to a loss of 77 points, or 0.5%, to 14,050.
Honeywell International was a particularly heavy weight on the market despite reporting stronger profit for the spring than analysts expected. It dropped 5.3% after its revenue fell short of analysts' expectations, as did its forecast for earnings in the current quarter. Thursday's drops for stocks came despite a stronger-than-expected profit report from Meta Platforms, one of Wall Street's most influential stocks. The owner of Facebook, Instagram, and WhatsApp attracted additional active members, and its stock rose 4.4%. McDonald's rose 1.2% after it easily topped analysts' forecasts for profits during the spring. Its sales grew worldwide.
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