US: Nasdaq edges to record while Dow pulls back

THE Nasdaq edged to a fresh record while the Dow pulled back on Friday (Mar 22), as US stock markets took a breather after two buoyant sessions following mixed corporate earnings.

All three indices finished at records the last two days, on the back of Wednesday’s Federal Reserve meeting.

But major indices have since had a more subdued performance, suggesting some profit taking.

The Dow Jones Industrial Average dropped 0.8 per cent to 39,475.90, retreating from a serious drive at the 40,000-point level.

The broad-based S&P 500 slipped 0.1 per cent to 5,234.18, while the tech-rich Nasdaq Composite Index climbed 0.2 per cent to 16,428.82, a third straight record close.

“Even though, during the month of March, certainly we’ve seen more broadening in market leadership, today we were back to growth-style investments leading the way,” said Angelo Kourkafas of Edward Jones.

Among individual companies, Nike fell 6.9 per cent after the sports giant’s forecast for the coming quarters disappointed investors.

FedEx jumped 7.4 per cent after reporting better than expected results, though the delivery company said it still faces “a difficult demand environment.”

Digital World Acquisition Corp fell 13.7 per cent after announcing shareholders approved its merger with Trump Media and Technology Group, generating some US$3 billion for former president Donald Trump. AFP