The US stock market finished session tad higher on Thursday, 23 March 2023, as indications the central bank is nearing the end of its tightening cycle generated some buying interest. However, market gains were limited as concerns about the recent trouble in the banking sector.At the close of trade, the Dow Jones Industrial Average index added 75.14 points, or 0.23%, to 32,105.25. The S&P500 index rose 11.75 points, or 0.3%, to 3,948.72. The tech-heavy Nasdaq Composite Index inclined 117.44 points, or 1.01%, to 11,787.40.
Total 9 of 11 S&P500 sectors ended lower. Energy was worst performing sector, declining 1.36%. Meanwhile, utilities (down 1%), financials (down 0.66%), and real estate (down 0.62%) sectors were notable losers. Information technology was top performing sector, gaining 1.65%.
ECONOMIC NEWS: Report released by the Labor Department unexpectedly showed initial jobless claims slipped to 191,000, a decrease of 1,000 from the previous week's unrevised level of 192,000.
The Commerce Department also released a report showing new home sales in the U.S. increased by 1.1% to an annual rate of 640,000 in February after jumping by 1.8% to a downwardly revised rate of 633,000 in January.
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