Dow recovers from Cisco crash, Nasdaq and S&P rise

May 18 (Reuters) – The Dow Jones showed little change on Thursday after slipping earlier in the session as Cisco’s announcement of a slowdown in demand overshadowed Walmart’s strong full-year outlook and hopes for a deal to avoid a catastrophic US default.

Cisco Systems Inc shares fell 0.46%, slowing the decline in trading as the company said large backlogs had dampened customer demand for new orders.

Walmart Inc. rose 1.8% after the retailer boosted its full-year sales and profits, taking advantage of the last quarter as consumers worried about inflation bought cheaper groceries.

The Dow Jones index was little changed by 5:24 p.m. Moscow time, trading at around 33,406.21 points, the S&P 500 index was up 0.34% to 4,172.99 points, and the Nasdaq was up 0.76% to 12 595.34 points

Wall Street’s major indexes ended the previous session higher as US President Joe Biden and Speaker of the House Kevin McCarthy confirmed their willingness to reach an agreement to raise the federal debt ceiling by $31.4 trillion in the near future and agreed to talks on Sunday. .

The number of new jobless claims fell more than expected last week, suggesting that the US labor market is still tight. Original English message available via code (Shreyashi Sanyal and Shristi Achar A in Bangalore)