finished Stock indices on Wall Street traded mixed on Thursday, The sell-off in Salesforce software stocks affected the Dow Jones index, as investors digested US data, which indicated that the Federal Reserve’s interest rate hike was beginning to bear fruit.
Salesforce shares plunged after it said its chief executive, Brett Taylor, would step down in January.
According to preliminary data, the Standard & Poor’s 500 index fell 2.31 points, or 0.06%, to close at 4,077.80 points, while the Nasdaq Composite rose 15.22 points, or 0.13%, to 11,483.21 points, according to Archyde.com.
The Dow Jones Industrial Average fell 193.24 points, or 0.56%, to 34,397.42.
On the other hand, consumer spending in the United States increased strongly during October, with inflation heading to moderate levels, which gave the economy a strong boost at the beginning of the fourth quarter of the year amid rising interest rates.
The US Commerce Department said consumer spending, which accounts for more than two-thirds of US economic activity, jumped 0.8% after an unrevised 0.6% increase in September.