Dec 8 (Reuters) – S&P 500 (.SPX) Investors interpreted data showing weekly increases in unemployment claims as a sign that the pace of interest rate hikes could slow soon, so they closed higher on Thursday and fell for a fifth straight fall. was recorded.
Wall Street’s major indices have come under pressure in recent days, with the S&P 500 down 3.6% since early December. This is due to expectations of a longer rate hike cycle and a weakening economic outlook from some business executives.
Such thoughts also weighed heavily on the Nasdaq Composite. (.IXIC)posted four straight losing sessions ahead of Thursday’s tech-centric index rally.
Stocks rose as investors welcomed the data showing The number of Americans filing unemployment benefits claims rose modestly last week, with unemployment hitting a 10-month high towards the end of November.
the report continues data Last Friday showed U.S. employers hired more workers and raised wages than expected in November, signaling an aggressive stance by the Fed to curb decades of high inflation. This spurred on the concern that it might stick to the
Markets have been swayed by data releases in recent days and investors lack certainty ahead of next week’s Federal Reserve guidance on interest rates.
Such action means that Friday’s Producer Price Index and the University of Michigan Consumer Sentiment Survey will likely determine whether Wall Street can build on Thursday’s rise.
CEO Wiley Angel said, “Markets need to adapt to the fact that we are moving from a stimulus-based economy (both fiscal and monetary) to a fundamentals-based economy, and that is what we are currently working on. It’s about being there,” he said. Market Strategist at Ziegler Capital Management.
Dow Jones Industrial Average (.DJI) It rose 183.56 points (0.55%) to close at 33,781.48. S&P 500 (.SPX) Finished at 3,963.51 with 29.59 points (0.75%).and NASDAQ Composite (.IXIC) Added 123.45 points at 11,082.00, or 1.13%.
Nine of the S&P 500’s 11 major sectors rose, with tech stocks up 1.6%. (.SPLRCT).
Most of the megacap technology and growth stocks rose.Apple (AAPL.O)Nvidia Corp. (NVDA.O) and Amazon.com Inc. (AMZN.O) It rose between 1.2% and 6.5%.
Microsoft (MSFT.O) Despite partly waiving intraday gains after the Federal Trade Commission (FTC) filed a complaint aimed at blocking the company’s bid to buy Activision Blizzard Inc for $69 billion. , closed 1.2% higher. ‘Call of Duty’ game maker he closed 1.5% lower.
energy index (.SPNY) The exception was Exxon Mobil Corp, which fell 0.5%. (XOM.N) It rose 0.7% after announcing it would expand its $30 billion share buyback program. The sector was under pressure in recent sessions as commodity prices fell. US crude is currently hovering near early 2022 levels.
Moderna, on the other hand, (mRNA.O) 3.2% ahead after US Food and Drug Administration Licensed The vaccine maker’s COVID-19 shots, which target both the original coronavirus and Omicron subvariants, are available for use in children as young as six months old.
Regulators have also approved similar guidance for fellow COVID vaccine maker Pfizer. (PFE.N)was up 3.1%, while the US-listed stock of its partner BioNTech was up 5.6%.
Rent the Runway Inc. (RENT.O) Clothing rental companies surged 74.3% to post a record one-day profit after raising their earnings forecasts for 2022.
US exchanges traded 10.07 billion shares, averaging 10.90 billion shares over the last 20 trading days.
The S&P 500 has made 15 52-week highs and 3 lows. The Nasdaq Composite posted 82 new highs and 232 new lows.
Reported by Shubham Batra, Ankika Biswas, Johann M Cherian from Bangalore and David French from New York. Edited by Vinay Dwivedi, Sriraj Kalluvila, Anil D’Silva, Richard Chang
Our criteria: Thomson Reuters Trust Principles.