Market Recap: Dow Tags Another New High While SPX Struggles
Stocks attempted to extend their seven-session winning streak today, but the bulls seemed less than impressed by a generally upbeat round of economic data. The Labor Department's latest jobless report revealed that initial claims for unemployment benefits fell by 5,000 last week, marking the third consecutive decline in jobless filings. Separately, the Labor Department noted that its consumer price index (CPI) was unchanged in February, suggesting that inflation remains relatively tame. In other economic news, the Conference Board's index of leading economic indicators and the Philadelphia Fed Index both notched monthly gains, providing further evidence of a recuperating economy. Despite these glad tidings, the bulls were notably reserved today. With all three major market indexes lingering near annual-high territory, traders seemed somewhat hesitant to continue snapping up stocks. The net result was a decidedly mixed close for the equities market.
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