US stocks close mixed on economic data

New York, June 24 (IANS) US stocks closed mixed as investors were digesting the latest economic data from the country.

The Dow Jones Industrial Average on Friday was down 2.54 points, or 0.01 per cent, to 21,394.76, Xinhua news agency reported.

The S&P 500 added 3.80 points, or 0.16 per cent, to 2,438.30. The Nasdaq Composite Index added 28.56 points, or 0.46 per cent, to 6,265.25.

Sales of US new single-family houses in May were at a seasonally adjusted annual rate of 610,000. This is 2.9 percent above the revised April rate of 593,000 and is 8.9 percent above the May 2016 estimate of 560,000. The latest reading was higher than market consensus of 590,000.

Meanwhile, US private sector firms recorded a further solid expansion of business activity in June, but there was a loss of momentum since May.

According to financial information company Markit on Friday, the seasonally adjusted IHS Markit Flash US Composite PMI Output Index fell from 53.6 to 53.0 in June, lower than market expectations. The latest reading signalled the slowest upturn in business activity for three months.

For the week, the blue-chip Dow edged up 0.05 per cent, and the broader S&P 500 rose 0.21 per cent, while the tech-heavy Nasdaq jumped 1.84 per cent.

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