- US stocks rise Thursday before investors leave for the Christmas holidays.
- A lot of economic data has arrived, including weekly jobless claims which hold steady at 205,000.
- The Fed’s preferred inflation indicator was ahead of expectations.
US stocks rose on Thursday, hitting a third straight day of gains as investors headed for the Christmas holidays, with weekly jobless claims remaining stable amid the spread of the Omicron variant although inflation remains at levels students.
Major stock indexes have remained on the rise after the release of a slew of economic data in the last trading session before the Christmas break. On Omicron’s side, shares of Novavax rose after the company said its COVID-19 vaccine could protect against the new variant.
Among economic data, durable goods orders rose 2.5%, ahead of expectations of a 1.8% increase, and jobless claims were largely unchanged from last week to 205,000.
The “claims trend is very low and continues to decline as increasing demand eases the pressure on businesses. Additionally, businesses are reluctant to let their staff leave in such a tight labor market unless they have to. ‘other choice,’ wrote Ian Shepherdson, chief economist. to the Macroeconomics Hall of Fame, in a note, adding that claims could hit new lows by the end of January.
Here’s where the U.S. indices were at 9:30 a.m. Thursday:
Meanwhile, the Federal Reserve’s preferred measure of inflation has risen more than expected. The core PCE price index rose 0.5% month over month in November and reached 5.7% in the past 12 months. The numbers were above expectations of a monthly increase of 0.4% at the rate of 4.5% over the 12-month period.
In the markets, Elon Musk sold more Tesla shares for a total of $ 15.4 billion, saying there were still a few stocks left.
Chamath Palihapitiya’s four successful SPAC mergers fell 32% this year as investors ditch flashy growth stocks
Oil prices have gone up. West Texas Intermediate crude rose 0.3% to $ 72.95 a barrel. Brent crude, the international benchmark, rose 0.3% to $ 75.52.
Gold edged up 0.2% to $ 1,804.75 an ounce. The 10-year rate rose 2 basis points to 1.477%.
Bitcoin fell 0.7% to $ 48,756.87.