Indexes: Dow 0.18%, Nasdaq down 0.16%, Nasdaq up 0.13% Updates with closing prices NEW YORK - 16 Sept Reuters -- The S&P 500 was slightly down on Thursday after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery's confidence index.
The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks and the rising dollar weighed on exporters
Amazon.com Inc, buoyed by positive online sales in the Commerce Department's report, helped push Nasdaq to solid territory.
Today, clearly we had positive news from retail sales and it looks like the massive slowdown in the economy is not materializing as a lot of people expected, said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
It's a nice reminder that the economy is taking two steps forward for each step back even amid COVID concerns, Detrick added.
Economically sensitive transports and microchips were among the outperformers.
Data released before the opening bell showed unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.
Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow, Detrick said.
The Dow Jones industrial average fell 63.07 points, or 0.18%, to 34,751. 28; the S&P 500 loss 6.95 points, or 0.16%, to 4,473 at 4,953. 75; and the Nasdaq Composite added 20.40 points, or 0.13%, to 15,181. Eight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.
The consumer discretionary spending sector posted the biggest gain, with Amazon.com accounting for the heavy lifting.
Apparel company Gap Inc gained 1.6%. The online marketplace Etsy Inc and luxury accessories company Tapestry Inc rose 3.1% and 1.9%, respectively.
Ford Motor Co rose 1.4% after it announced plans to boost production of its electric F - 150 pickup model.
Declining bonds outnumbered advancing ones on the Nasdaq by a 1.27 - to - 1 ratio, while for the NYSE, a 1.06 - to - 1 ratio favored advancers.
The S&P 500 had nine new 52 week highs and one new low. The Nasdaq Composite posted 82 new highs and 94 new lows.
Volume was 9.37 billion shares on the U.S. exchanges, compared with 9.44 billion average over the last 20 trading days.