From Nasdaq:

The Dow Jones Industrial closed up on Thursday. The Nasdaq Composite chalked up its third straight loss, extending its bleak start to the year, while bets that the Federal Reserve could start reducing rates this year had driven much of the gains toward the end of 2023.

Investors remained cautious on Thursday, with a tick-up in yields on longer-dated U.S. Treasuries prompting traders to move away from growth stocks toward other sectors. Financials was among the leading gainers among the S&P 500 sectors, underpinned by Allstate, which hit an all-time high.

Banks should see benefits in 2024 from lower-yielding investments rolling off and being reinvested in new securities with higher yields. Ian Lapey, portfolio manager of The Gabelli Global Financial Services Fund, stated that banks with strong management teams will reward investors, predicting significant relative outperformance.

The ADP National Employment report showed U.S. private employers hired more workers than expected in December, pointing to persistent strength in the labor market that should continue to sustain the economy. However, the weekly Labor Department report showed more Americans filed for state unemployment claims than expected.

The S&P 500 lost 15.11 points, while the Nasdaq Composite lost 82.83 points, and the Dow Jones Industrial Average rose 20.69 points. Most S&P sectors were down, led by energy, and Apple shares slid after being downgraded to “neutral” by brokerage Piper Sandler.



Read more: US STOCKS-Dow ends higher on financials, strong jobs data