US stocks close mixed as fears for economic slowdown continue

New York: US stocks closed mixed as fears for economic slowdown continued.

The Dow Jones Industrial Average on Thursday fell 79.40 points, or 0.32 percent, to 24,947.67. The S&P 500 was down 4.11 points, or 0.15 percent, to 2,695.95, Xinhua news agency reported.

The Nasdaq Composite Index increased 29.83 points, or 0.42 percent, to 7,188.26.

The US three-year treasury note yield surpassed its five-year note on Monday. The inverted yield curve caught investors’ attention because historical statistics showed that when short-term yields trade above longer-term rates a recession could follow.

Anxiety around a potential yield curve inversion sent the yield on the benchmark 10-year Treasury note and the 30-year Treasury bond to 2.892 percent and 3.158 percent respectively. Bond yields move inversely to prices.

On the data front, the US trade deficit increased 1.7 percent to $55.5 in October, hitting a 10-year high, as soybean exports continued to decline and imports of consumer goods increased largely.

The non-manufacturing index rose to 60.7 in November as services sectors continued to expand, according to data released Thursday by the Institute for Supply Management.