New York, The Standard & Poor’s 500 fell slightly from a record high in a late-session sell-off Thursday after a report said Covid-19 vaccine maker Pfizer is experiencing supply-chain issues. The Dow industrials and Nasdaq rose modestly.
In U.S. economic news, jobless claims fell a bigger-than-expected 75,000 to 712,000 last week, the lowest level of the pandemic era, but claims remain extraordinarily high. The service sector registered its sixth consecutive month of expansion in November, but growth slowed for the second straight month.
Oil rose after OPEC and its partners agreed to increase production by 500,000 barrels per day starting in January, bringing the total production cuts at the start of 2021 to 7.2 million bpd. West Texas Intermediate (WTI) crude futures advanced 36 cents, or 0.8 percent, to $45.64 a barrel.
The Dow Jones industrial average rose 85.73, or 0.3 percent, to 29,969.52. Seventeen of the index’s 30 components gained, led by Walgreens and Boeing, which jumped 7.5 and 6 percent, respectively. Home Depot led decliners, dropping 1.1 percent.
The broader S&P 500 index was little changed, falling 2.29 to 3,666.72.
The technology-heavy Nasdaq composite index rose 27.82, or 0.2 percent, to 12,377.18. Facebook dropped 2 percent, Netflix lost 1.2 percent, Amazon was 0.5 percent lower, Google-parent Alphabet retreated 0.2 percent, and Apple declined 0.1 percent.
Source: Saudi Press Agency