Market momentum sagged Thursday, leaving the major indexes mixed after investor enthusiasm related to a six-year low in unemployment claims and strong corporate earnings waned in the face of longer-term economic worries.
The Dow Jones Industrial Average rose 24.73, or 0.2 percent, to 10,883.35. The Standard & Poor's 500 Index slipped 1.87, or 0.2 percent, to 1,263.78. The Nasdaq Composite Index fell 11.11, or 0.5 percent, to 2,255.87.
& #8226; Local
Local movers were led by Jakks Pacific Inc, which gained 6.6 percent to $22.94, and Northrop Grumman Corp., which rose 1.5 percent to $63.94. On the down side, Reliance Steel & Aluminum Co. slipped 2.9 percent to $76 and Wesco Financial Corp. fell 0.5 percent to $384.19.
Shares of K-Swiss Inc. plunged 7.9 percent to $28.83 after the Westlake Village-based footwear maker reported fourth-quarter earnings that beat estimates but its first-quarter and full-year outlook came in below the average analyst forecast. Its stock rating was downgraded to "sell" from "hold" by Brean Murray Carret & Co. The price target was set at $24 per share.
OSI Systems Inc. lost 8.4 percent to $20.14 after the Hawthorne-based security and inspection systems manufacturer's second-quarter earnings came in one cent below analysts' estimates.
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