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S&P 500, Nasdaq snap losing streaks after jobless claims rise

Economy Dec 08, 2022 07:35PM ET
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© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. REUTERS/Brendan McDermid
 
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By David French

(Reuters) - The S&P 500 ended higher on Thursday, snapping a five-session losing streak, as investors interpreted data showing a rise in weekly jobless claims as a sign the pace of interest rate hikes could soon slow.

Wall Street's main indexes had come under pressure in recent days, with the S&P 500 shedding 3.6% since the beginning of December on expectations of a longer rate-hike cycle and downbeat economic views from some top company executives.

Such thinking had also weighed on the Nasdaq Composite, which had posted four straight losing sessions prior to Thursday's advance on the tech-heavy index.

Stocks rose as investors cheered data showing the number of Americans filing claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high toward the end of November.

The report follows data last Friday that showed U.S. employers hired more workers than expected in November and increased wages, spurring fears that the Fed might stick to its aggressive stance to tame decades-high inflation.

Markets have been swayed by data releases in recent days, with investors lacking certainty ahead of Federal Reserve guidance next week on interest rates.

Such behavior means Friday's producer price index and the University of Michigan's consumer sentiment survey will likely dictate whether Wall Street can build on Thursday's rally.

"The market has to adjust to the fact that we're moving from a stimulus-based economy - both fiscal and monetary - into a fundamentals-based economy, and that's what we're grappling with right now," said Wiley Angell, chief market strategist at Ziegler Capital Management.

The Dow Jones Industrial Average rose 183.56 points, or 0.55%, to close at 33,781.48; the S&P 500 gained 29.59 points, or 0.75%, to finish at 3,963.51; and the Nasdaq Composite added 123.45 points, or 1.13%, at 11,082.00.

Nine of the 11 major S&P 500 sectors rose, led by a 1.6% gain in technology stocks.

Most mega-cap technology and growth stocks gained. Apple Inc (NASDAQ:AAPL), Nvidia (NASDAQ:NVDA) Corp and Amazon.com Inc (NASDAQ:AMZN) rose between 1.2% and 6.5%.

Microsoft Corp (NASDAQ:MSFT) ended 1.2% higher, despite giving up some intraday gains after the Federal Trade Commission filed a complaint aimed at blocking the tech giant's $69 billion bid to buy Activision Blizzard Inc (NASDAQ:ATVI). The "Call of Duty" games maker closed 1.5% lower.

The energy index was an exception, slipping 0.5%, despite Exxon Mobil Corp (NYSE:XOM) gaining 0.7% after announcing it would expand its $30-billion share repurchase program. The sector had been under pressure in recent sessions as commodity prices slipped: U.S. crude is now hovering near its level at the start of 2022.

Meanwhile, Moderna (NASDAQ:MRNA) Inc advanced 3.2% after the U.S. Food and Drug Administration authorized COVID-19 shots from the vaccine maker that target both the original coronavirus and Omicron sub-variants for use in children as young as six months old.

The regulator also approved similar guidance for fellow COVID vaccine maker Pfizer Inc (NYSE:PFE), which rose 3.1%, and its partner BioNTech, whose U.S.-listed shares gained 5.6%.

Rent the Runway Inc posted its biggest ever one-day gain, jumping 74.3%, after the clothing rental firm raised its 2022 revenue forecast.

Volume on U.S. exchanges was 10.07 billion shares, compared with the 10.90 billion average for the full session over the last 20 trading days.

The S&P 500 posted 15 new 52-week highs and three new lows; the Nasdaq Composite recorded 82 new highs and 232 new lows.

S&P 500, Nasdaq snap losing streaks after jobless claims rise
 

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Comments (14)
Hank Williams
Hank Williams Dec 09, 2022 8:33AM ET
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There is a big gap down in my chart! What happened?
JIM VETTER
JIM VETTER Dec 08, 2022 8:37PM ET
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So the markets took off because there was 4k more jobless claims.. in the entire economy?? These people are laughable and liars
Scott Allen
Scott Allen Dec 08, 2022 3:48PM ET
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The last time short selling was banned in '08, stocks went down anyway. We need stocks to go down now, and short sellers are messing up the plan. The most obvious is these ridiculous symmetrical moves. Wall St. firms scratching each others' backs (I have a more explicit version but they'll censor me lol) does NOTHING to help the situation. Of course, the entire market system isn't conducive to doing anything other than what provides short-term profits....yeah, this is a BS system from top to bottom. I think most are fine with wider spreads if we didn't have the distortive effects of short selling and covering totally obfuscating prices...
First Last
First Last Dec 08, 2022 3:48PM ET
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Short-sell of financial stocks in 2080, fitting for the situation then.  Currently, most trading of Russian assets are restricted.
First Last
First Last Dec 08, 2022 3:48PM ET
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* Short-sell ban of
First Last
First Last Dec 08, 2022 3:48PM ET
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* in 2008
Randall Paul
Randall Paul Dec 08, 2022 3:48PM ET
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just go with it. of course it's coordinated.
Mitchel Pioneer
Mitchel Pioneer Dec 08, 2022 2:55PM ET
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And the knife catchers come out of the woodwork to save the criminally manufactured "rally."  Fraudulent, manipulated JOKE.
John Berry
John Berry Dec 08, 2022 2:55PM ET
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The whole market is one big fraud. Up or down
First Last
First Last Dec 08, 2022 2:55PM ET
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John Berry   You're not forced to invest or trade
Scott Allen
Scott Allen Dec 08, 2022 2:55PM ET
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So not being forced to participate makes it okay that the "capital market" is a complete fraud? No, sorry, try again. Spineless, ignorant comment.
First Last
First Last Dec 08, 2022 2:55PM ET
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Scott Allen   I'm didn't agree w/ you that it's a big or complete fraud.  Just that you don't have to participate if you think so.
Mitchel Pioneer
Mitchel Pioneer Dec 08, 2022 2:03PM ET
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Another criminal magic show in the biggest investment JOKE in the world, as the flagrant manipulation of the US Ponzi Scheme continues.  Wall Street is already sharpening the financial knife for use on Friday.
Scott Allen
Scott Allen Dec 08, 2022 2:03PM ET
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It is a complete joke perpetrated by the gypsy gonifs if Wall St. Moving the market up after bad news comes out is one of their oldest and most absurd tricks. Blatant theft of options premium by the pencil *****empty suits.
JIM VETTER
JIM VETTER Dec 08, 2022 1:34PM ET
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Initial jobless claims jumped a whopping 4,000, or 1.7%. $RENT is now, apparently, a major bellweather for the overall markets. The inversion on the 2/10 yields has widened. THIS is the explanation for the market surge of nearly 3pts in the $SPY?? It would be laughable if not for the manipulation
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First Last
First Last Dec 08, 2022 1:34PM ET
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lakes Tenn  So you're ok with retrumplican landlords refusing to rent to non-retrumplicans, but you get into a hissy fit when social media suspends/bans crazy retrumplican accounts (when social media ALSO suspends/bans crazy non-retrumplican accounts)?
JIM VETTER
JIM VETTER Dec 08, 2022 1:34PM ET
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First Last.. you've just revealed yourself a neither a trader, or anyone with knowledge of trading. You're nothing more than a Leftist hack, out of your league
First Last
First Last Dec 08, 2022 1:34PM ET
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JIM VETTER   How so?
JIM VETTER
JIM VETTER Dec 08, 2022 1:34PM ET
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$RENT Is a stock, a company called Rent the Runway. It has NOTHING to do with renting apartments or politics, you d o l t. Get off your liberal talking points.
First Last
First Last Dec 08, 2022 1:34PM ET
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JIM VETTER  Assuming I didn't realize that about a micro-cap ticker, how does that that lead to conclusions about not a trader and is a leftist/liberal?  And isn't apartment rental rates a better bellwether than $RENT?  And lakes thought apartment rental also, so maybe you weren't clear and shouldn't assume people know the ticker to a micro-cap.  And you didn't call lakes not a trader and is a leftist/liberal.  Your partisan bias is showing.
Hermes Hermesus
Hermes Hermesus Dec 08, 2022 12:43PM ET
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what a rise in weekly jobless claim :))
JIM VETTER
JIM VETTER Dec 08, 2022 12:43PM ET
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yeah, 1.7%. We should all be jumping up and down with joy
Axonius Axonius
Axonius Axonius Dec 08, 2022 12:15PM ET
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This can't be the reason. Jobless claims came in at 235k. They were 260k in August.
JIM VETTER
JIM VETTER Dec 08, 2022 12:15PM ET
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It's called lies and manipulation
First Last
First Last Dec 08, 2022 12:15PM ET
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From 226k to 230k, not to 235k.
JIM VETTER
JIM VETTER Dec 08, 2022 12:15PM ET
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First Last big deal. And in August it was 262k. Does that sound like a softening labor market to you?
JIM VETTER
JIM VETTER Dec 08, 2022 12:15PM ET
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a BIG 4k up from last week, but still 32k down from August. Figure it out.
First Last
First Last Dec 08, 2022 12:15PM ET
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JIM VETTER  I was correcting Axonius' numbers.   Wasn't expressing any opinion.
Dave Jones
Dave Jones Dec 08, 2022 12:08PM ET
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Stonks rise because they go up.
First Last
First Last Dec 08, 2022 12:08PM ET
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Population, technology, money supply, etc. also go up.
Ajib Hitan
Ajib Hitan Dec 08, 2022 11:58AM ET
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Oh now recession worries gone? Lol
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Scott Allen
Scott Allen Dec 08, 2022 11:58AM ET
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Dec. 2021 highs were a complete mirage funded by absurd amounts of excess liquidity in the system. Completely absurd multiples on unprofitable companies, with insiders from the Fed and Congress trading all over the place. This market is a complete fabrication.
First Last
First Last Dec 08, 2022 11:58AM ET
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Scott Allen   That's said about every all time highs.   And every ATH have been following by another ATH, and will continue until the end of humanity.
JIM VETTER
JIM VETTER Dec 08, 2022 11:58AM ET
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Scott Allen.... couldn't agree more
JIM VETTER
JIM VETTER Dec 08, 2022 11:58AM ET
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maybe.. but next ATH will be a long way from now
First Last
First Last Dec 08, 2022 11:58AM ET
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JIM VETTER  So you agree that there's no "recession worries" ... and yet you think "ATH will be a long way from now".  So what's keeping ATH from happening soon?
 
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