Stocks were little changed on Thursday, the day after strong gains on the release of President Donald Trump’s tax plan.
The S&P 500 barely cracked a new all-time high, while the Dow Jones industrial average also gained. The Nasdaq finished up by less than one point.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 22,380.27, +39.56, (+0.18%)
- S&P 500: 2,510.07, +3.03, (+0.12%)
- Nasdaq: 6,453.45, +0.19, (+0.00%)
- The final estimate of second quarter GDP growth came in at 3.1%. This was slightly higher than the 3% expected by economists. The boost to growth came from stronger-than-expected consumer spending, which is usually the biggest contributor to the economy.
- Wall Street firms’ reactions to Trump’s tax plan was muted. The lack of detail and the possibility for significant change kept most analysts’ enthusiasm muted.
- Roku soared follow its IPO. Roku, the digital streaming hardware company, debuted on the NYSE at $US15.73 above its $US14 a share IPO price. The stock gained throughout the day to end up at $US21.60 a share.
- Bridgewater, the world’s largest hedge fund firm, says the Federal Reserve will cause problems by raising interest rates from historic lows. “The Fed is basing its moves on classic cyclical indicators and the desire to ‘normalize’ the balance sheet,” Bridgewater Associates told clients in a private note, which was seen by Business Insider.
- Bitcoin jumped to start the day, but ended slightly down. The cryptocurrency has now bounced back from its lows following JP Morgan CEO Jamie Dimon’s comments that it was a bubble, but ended the day down just a bit at $US4,150 a coin.