The market closed mixed on Thursday following a late day pullback in the final hour of trading following an initial jobless claims report that came in at 4,427,000. This was better-than-expected as forecasts were at 5 million.Corporate earnings were also mixed as companies continued to yank current quarter and year-end outlooks based on uncertainty over the current coronavirus pandemic.The Nasdaq tested an intraday high of 8,635 while settling less than a point lower at 8,494 (-0.01%). Lower resistance at 8,650-8,700 was challenged but held on the 2nd-straight close above the 50-day and 200-day moving averages.The S&P 500 made a run to 2,844 before closing down over a point at 2,797 (-0.05%). Key resistance at 2,825 and the 50-day moving average was breached but held with a move above the latter signaling strength towards 2,850-2,900.The Dow traded to a high of 23,885 before going out at 23,515 (+0.2%). Current resistance at 24,000 easily held with a close above this level and the 50-day moving average getting 24,500-24,750 in focus.The Russell 2000 kissed a high of 1,232 shortly after the opening bell while closing at 1,214 (+1%). Key resistance at the 1,225 level was cleared but held with continued closes above this level signaling strength towards 1,250.
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THURSDAY’S EARNINGS ANNOUNCEMENTSBefore the open: American Express (AXP), Barnes Group (B), Community Bankers Trust (ESXB), Freeport-McMoRan (FCX), Gentex (GNTX), Independent Bank (INDB), Portland General Electric (POR), Sanofi (SNY), Triton International (TRTN), Verizon Communications (VZ)
After the close: None
THURSDAY’S ECONOMIC NEWSDurable Goods Orders – 8:30amConsumer Sentiment – 10:00amBaker-Hughes Rig Count – 1:00pm
METALS/ OILGold closed at $1,745.10 an ounce,