US Stocks Retreat After Record Streak
NEW YORK, (APP - UrduPoint / Pakistan Point News - 21th july, 2016) - US stocks retreated after a streak of record-setting sessions in opening trade Thursday following surprisingly good earnings results from General Motors but a disappointment from Intel. GM rose 4.1 percent after boosting its 2016 profit forecast following second-quarter earnings that topped analyst expectations.
But Dow member Intel dropped 4.0 percent as it reported a 51 percent decline in second-quarter earnings to $1.3 billion. Five minutes into trade, the Dow Jones Industrial Average stood at 18,559.18, down 0.2 percent. The broad-based S&P 500 shed 0.1 percent to 2,171.14, while the tech-rich Nasdaq Composite Index added 0.1 percent at 5,092.36. Both the Dow and S&P 500 closed at records on Wednesday.