U.S. stocks ended mostly lower Thursday, with the S&P 500 and Nasdaq Composite finishing down on the session as investors weighed mostly upbeat U.S. economic data, corporate earnings and a second day of testimony by Federal Reserve Chairman Jerome Powell. The Nasdaq Composite Index COMP, -0.70% closed off 0.7% at around 14,543, marking the third straight decline, its longest losing skid since a similar period ended May 19, weighed in part by a sharp drop in chip makers SOXX, -2.22%. The declines for yield-sensitive technology and tech-related stocks came even as the 10-year Treasury note yield TMUBMUSD10Y, 1.299% fell below 1.30% on the day. The S&P 500 index SPX, -0.33% closed off 0.3% at about 4,360, while the Dow Jones Industrial Average ended 0.2% higher at 34,987, buoyed by shares of UnitedHealth Group Inc. UNH, +1.28% and Honeywell International Inc. HON, +2.21%. In economic news, initial jobless claims fell by 26,000 to 360,000 in the seven days ended July 10, matching the forecast of economists polled by The Wall Street Journal. Meanwhile, Powell, in an appearance before the Senate Banking Committee, repeated his message from the previous day when he testified before a House panel, telling lawmakers that inflation has risen significantly and would likely remain high for a few months before moderating.
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