U.S. stocks wavered Thursday on either side of record highs achieved in the prior session on the strength of the Federal Reserve’s unexpected decision to abstain from reducing monetary stimulus.
On Wednesday, both the Dow industrials and the S&P 500 index finished at record highs, Treasury yields fell sharply and gold rallied, as the Federal Open Market Committee said it needed further signs of economic improvement before it starts cutting its $85 billion in monthly bond purchases, otherwise known as quantitative easing.
The latest bout of U.S. economic data came in mostly upbeat.
The Philadelphia Fed’s manufacturing index jumped to a reading of 22.4 in September — the highest reading since March 2011.
Leading indicators climbed 0.7% in August while the number of people applying for new unemployment benefits climbed by 15,000 in the week ended Sept. 14 to 309,000. Economists forecast a climb to 338,000.
Oracle Corp. shares fell 0.3% after the business-software provider missed sales forecasts and gave a disappointing outlook.
Rite Aid Corp. jumped 20% after the drugstore chain raised its profit forecast.
Treasury prices declined, with the yield on the 10-year used in figuring mortgage rates and other consumer loans rising 5 basis points to 2.747%.
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