Stocks closed slightly higher Thursday in a mostly directionless session while energy shares tumbled amid weakness in oil prices.
The biggest losing sector in the S&P 500 was energy, which fell 1% as a group. West Texas Intermediate crude oil futures plunged 4% to $56.53. The Dow Jones Industrial Average rose 0.2%, while the S&P 500 gained 0.2%. The Nasdaq Composite Index added 0.3%.
Major market indexes are limping into the end of the month sporting steep losses. So far in May the Dow is down 5.4% while the S&P 500 is off 5.3%. The Nasdaq is down 6.5%.
Much of the decline this month in the market has been blamed on the eruption in trade tensions between the US and China. As the trade dispute drags on and flares up concerns have mounted over economic growth. The yield curve has remained inverted with the 3-month Treasury bill higher than the 10-year note. An inverted yield curve is seen by some as a signal of a potential recession on the horizon.
In economic news, gross domestic product data showed that the US economy grew 3.1% in Q1, beating the market consensus of 3%, according to Econoday.
Dow Jones Industrial Average was up 43.47 points (+0.17%) to 25,169.88
S&P 500 was up 5.84 points (+0.21%) to 2,788.86
Nasdaq Composite Index was up 20.41 points (+0.27%) to 7,567.72
FTSE 100 was up 32.86 points (+0.46%) to 7,218.16
DAX was up 64.27 points (+0.54%) to 11,902.08
CAC 40 was up 26.79 points (+0.51%) to 5,248.91
Nikkei 225 was down 60.84 points (-0.29%) to 20,942.53
Hang Seng Index was down 120.83 (-0.44) to 27,114.88
Shanghai China Composite Index was down 8.89 points (-0.31%) to 2,905.81
(+) DG (+7.16%) Retailer beats Wall Street estimates
(+) STAR (+4.59%) Raises share buyback authorization to $50 million
(+) KEYS (+11.3%) Q2 results ahead of Street views
(-) JILL (-53.46%) Q1 earnings, revenue miss Street estimates, cuts full-year guidance
(-) MYOV (-25.15%) Starts public offering of $100 million in common shares
(-) BOSC (-13.33%) Mixed first-quarter results, with revenue declining from a year ago