The US stock market finished session modestly higher on Thursday, 08 June 2023, as investors chased for bottom fishing on easing concerns about the outlook for interest rates following the release of more than expected initial jobless claims data. However, market gains capped on caution ahead of inflation data and a Federal Reserve policy meeting next week.
At the close of trade, the Dow Jones Industrial Average index advanced 168.59 points, or 0.5%, to 33,833.61. The S&P500 index added 26.41 points, or 0.62%, to 4,293.93. The tech-heavy Nasdaq Composite Index increased by 131.63 points, or 1.02%, to 13,238.52.
Total 7 of 11 sectors ended higher along with S&P500 index. Consumer discretionary was top performing sector, rising 1.56%, while a real estate was bottom performing sector, falling 0.63%.
Among individual stocks, GameStop Corp tanked 17.9% as billionaire investor Ryan Cohen took over as executive chairman after the video-game retailer ousted its CEO and posted a bigger-than-expected quarterly loss.
ECONOMIC NEWS: The Labor Department said initial jobless claims climbed to 261,000 in the week ended June 3rd, an increase of 28,000 from the previous week's revised level of 233,000.
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