- Dow Jones Industrial Average closed despite the Federal Reserve's concerns over slower global growth.
- Biogen Inc. (BIIB) dropped 29.2% after the biotech company rejected a late stage aducanumab study, an Alzheimer's disease drug. 19659002] Shares Levi Strauss & Co. (LEVI) increased nearly 32% as the clothing company opened for trading on Thursday on the New York Stock Exchange.
Wall Street Overview
The shares closed the day in positive territory on Thursday as investors pulled off the Federal Reserve's warning to slow economic growth and President Donald Trump's comments on China tariffs.
Industrial average for Dow Jones was 21
The Fed kept its key policy target unchanged at 2.25% to 2.5% on Wednesday. Fed President Jerome Powell said he would remain "patient", monitor in-depth data and developments in the global economy, and it would hardly be moving interest rates to early next year. While a deaf-born Fed would normally increase stocks around the world, investors remained cautious about slowing global growth, US-China trade negotiations, and the Brexit situation in Europe.
Trump said the tariffs for Chinese goods would remain "for a significant period of time because we have to make sure that if we do business with China that China lives off the agreement."
Thursday's economic news, Philadelphia Fed rose Manufacturing Business Outlook Survey at 13.7 in March, almost tripled consensus forecast and up from a reading of -4.1 in February. Also, the first jobless claims fell by 9,000 to 221,000 in the seven days ending March 16, the Ministry of Labor said, and the Conference Board reported that the leading economic index rose in February by 0.2% after a January change and a fall at 0.1% in December.
"The jobless claims report was well received, but the US job market is rude, so changes in both directions will hardly have any impact," said David Madden, market analyst at CMC Markets UK. "Philly Fed was a wonderful surprise and the study back from the negative reading in February suggests that it was a blip and probably related to the government interruption."
Micron Technology (MU) climbed after the chip maker reported stronger than expected second quarter earnings and forecasts an increase in global demand in the second half. The stock rose 9.6% to $ 43.99.
The Darden Restaurants (DRI) increased by 6.9% to $ 116.11, after the restaurant operator reported a stronger than expected third-quarter earnings and increased expectations for full-year forecast.
Apple Inc. (AAPL) shares rose 3.7% to $ 195.09 after analysts from Citigroup, Needham, Wedbush issued upgrades to the world's largest technology company in anticipation of next week's likely announcement of the company's video streaming service.
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Shares from Boeing Co. (BA) dropped nearly 1% to $ 372.70 on news that lawmakers, federal investigators and the Justice Department would question business leaders over two collapses of its 737 MAX aircraft, killing nearly 350 passengers and raising security issues for the flagship aircraft. USA Today reported that the FBI assists the transport authorities in their investigation of the jet's certification process.
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