by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended lower on Thursday, after an up-and-down session, as investors favored caution against a backdrop of strength in the American labor market and rising of the dollar while Tesla fell after reporting a decline in its deliveries.

The Dow Jones index fell 0.36%, or 151.95 points, to 42,392.27 points.

The broader S&P-500 lost 13.08 points, or 0.22%, to 5,868.55 points.

The Nasdaq Composite fell 30.0 points (0.16%) to 19,280.79 points.

Rising at the start of the session, the three main Wall Street indices then plunged, before finally erasing part of their losses for the day.

This is a fifth consecutive session in the red for the S&P-500 and the Nasdaq, an unprecedented series since last April.

Noting the high level of the dollar this Thursday, Peter Cardillo, chief economist at Spartan Capital Securities in New York, also spoke of the “obstacles” that loom over the next two weeks, with “data on employment and start of the quarterly results season.

“In the short term,” he said, “we anticipate turmoil and a lack of clear direction until these hurdles are overcome.”

A report from the US Department of Labor shows that weekly jobless claims have fallen, supporting the idea that the job market remains strong and strengthening the prospect that the Federal Reserve (Fed) will leave interest rates unchanged during of its meeting later this month.

Uncertainties remain over the monetary policy of the American central bank, which could reduce rates this year less significantly than initially anticipated, as well as over the impact of flagship measures promised by American President-elect Donald Trump, who will carry out formally returned to the White House on January 20.

Among the major sectors of the S&P-500, energy was the best performer, driven by rising oil prices.

The decline of several technological giants has weighed. Tesla fell 6.1% after reporting its first annual drop in deliveries as promotions offered to boost sales were not enough to offset declining demand for its aging vehicle lineup.

Apple lost 2.6% following the rare announcement of discounts on its iPhones in China in an attempt to respond to increased competition from local brands.

On the other hand, securities linked to cryptocurrencies, such as Coinbase, MicroStrategy and MARA Holdings, rose between 2.6% and 3.6% in the wake of the rise in bitcoin.

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(Written by Jean Terzian)

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