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Wall Street closes up after choppy trading due to higher jobless claims

Stock MarketsJul 22, 2021 06:21PM ET
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2/2 © Reuters. FILE PHOTO: A man watches an electric board showing Nikkei index outside a brokerage at a business district in Tokyo, Japan, June 21, 2021. REUTERS/Kim Kyung-Hoon 2/2

By Jessica DiNapoli

NEW YORK (Reuters) -U.S. stock markets closed higher after a mixed trading session as investors digested negative economic data reflecting the country's struggle to move past the COVID-19 pandemic, while yields on safe-haven assets such as U.S. Treasuries slipped.

All three major U.S. stock indexes ended in the green and within 1% of record closing highs, thanks in part to Big Tech. The Dow and S&P 500 fell earlier in the day on the number of Americans filing new claims for unemployment benefits. The dollar also rose after it slid earlier in the trading session.

"The overall picture continues to point to a return to a pre-pandemic level of economic activity," said Anu Gaggar, senior global investment analyst for Commonwealth Financial Network, in an e-mailed statement about the jobless claims and market impact.

The Dow Jones Industrial Average rose 25.35 points, or 0.07%, to close at 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to end the day at 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to close at 14,684.60.

The dollar index, meanwhile, rose 0.1% to 92.852. The U.S. currency hit its highest level in more than three months on Wednesday.

Yields on U.S. Treasuries eased after the auction of $16 billion in 10-year TIPS was bid at a record low. The yield on 10-year Treasury notes US10YT=RR fell 2.2 basis points to 1.260%.

“We had a form of capitulation in the market, Wednesday, Thursday, Friday and Monday, but a sign of resilience occurred on Tuesday and Wednesday,” said Steve Goldman at Goldman Management. “That’s typically a favorable sign for a market not far from its high. That’s usually a hopeful sign. It tends to indicate that the selling pressure has subsided.”

“The jobless claims data that came out this morning was soft and continues to be stubbornly elevated,” said Sean Bandazian, investment analyst for Cornerstone Wealth. “The market is probably digesting some volatility from the last several days. We had a pretty sizable drawdown and then recovery making back 75% of what we lost Friday and Monday.”

Growth stocks were back in favor, closing up, while value stocks slipped. Earnings season marched on, with Intel Corp (NASDAQ:INTC) falling in extended trade after posting results and Southwest Airlines (NYSE:LUV) Co reporting a loss.

There were increases in filings for unemployment benefits in California, Illinois, Kentucky, Michigan, Missouri and Texas. Some of these states have experienced a surge in new coronavirus cases as the more contagious Delta variant spreads, while U.S. senators try to take aim at tech companies allowing misinformation about vaccines to spread.

Still, the weekly jobless claims report from the Labor Department showed more people are returning to work, a trend that bodes well for July's employment report.

Earlier this week, a revived appetite for riskier assets came as worries eased that the Delta variant of COVID-19 would seriously crimp economic recovery, helping to lift crude oil prices.

OIL FIRMS

Oil prices rose about $1.50 a barrel on Thursday, extending strong gains made in the previous sessions on expectations of tighter supplies until the end of the year as economies recover from the pandemic.

U.S. crude recently was unchanged at $71.91 per barrel and Brent was at $73.62, up 1.92% on the day.[O/R]

MSCI's gauge of stocks across the globe gained 0.42%.

Cryptocurrencies were firm after bouncing from lows when Tesla (NASDAQ:TSLA) boss Elon Musk said the carmaker would likely restart accepting bitcoin payments after due diligence on its energy use.

Bitcoin was up 0.24% at $32,203.

Wall Street closes up after choppy trading due to higher jobless claims
 

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Comments (12)
Chris Sundo
Chris Sundo Jul 22, 2021 6:28PM ET
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when you're close to a top it ain't matter what the news say. they get interpreted whichever way to inch closer to the top ;)
Jon Bal
Jon Bal Jul 22, 2021 2:07PM ET
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its 2:05.  c'mon J-trilly lets rally this
Mitchel Pioneer
Mitchel Pioneer Jul 22, 2021 1:55PM ET
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More intraday magic, as the flagrant, criminal intervention of this laughable "market" is displayed in living color.  Fraudulent, criminally manipulated joke.
Ron Love
Ron Love Jul 22, 2021 1:55PM ET
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Right, so criminal to see these green days in a secular bull market and 0% Federal funds rate.
Benjamin McIntire
Benjamin McIntire Jul 22, 2021 1:55PM ET
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cRiMiNaL
Sloppy Joe
Sloppy Joe Jul 22, 2021 1:35PM ET
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dont worry senil grandpa and corrupted fed wilk print money for those who dont wanna work but have open hand... end of capitalism end western of civilisation
Kweku NewYear
Kweku NewYear Jul 22, 2021 1:35PM ET
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yeah
Karl Kessler
Karl Kessler Jul 22, 2021 10:05AM ET
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"Forceful"? How much do you think C. Lagarde can bench press? Not much. That's right Europe, she prints NFTs and YOU do the lifting. Same as here. Keep your eyes on your work, and make sure you're doing what amplifies YOUR values.
Raynad Francois
Raynad Francois Jul 22, 2021 8:06AM ET
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But coin very slow now
jason xx
jason xx Jul 22, 2021 6:11AM ET
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BTC rally started way before must said anything
Kaveh Sun
Kaveh Sun Jul 22, 2021 1:29AM ET
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Trillions pumping into markets and we get only 3% growth. Without those trillions then perhaps we have something like negative 20% growth.
Joel Schwartz
Joel Schwartz Jul 22, 2021 12:52AM ET
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The world’s central banks have become so intertwined with the markets that they can never take their foot off the gas without causing a global depression. This was never supposed to happen.
Kaveh Sun
Kaveh Sun Jul 22, 2021 12:52AM ET
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The only growth is from central banks. If they stop handling out money, companies earning collapse because the real growth is negative without free money.
Joel Schwartz
Joel Schwartz Jul 22, 2021 12:52AM ET
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Kaveh Sun Sounds like we have a failed market then.
Karl Kessler
Karl Kessler Jul 22, 2021 12:52AM ET
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We might have had better growth if central banks hadn't intervened so much. Bailouts are anti-motivational.
Chris Sundo
Chris Sundo Jul 22, 2021 12:52AM ET
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Joel Schwartz  -- I think that was obvious ever since QE1
Joel Schwartz
Joel Schwartz Jul 22, 2021 12:52AM ET
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Karl Kessler Absolutely. Airlines have been bailed out 4 times this pandemic now. What a joke.
Jouni Matero
Jouni Matero Jul 22, 2021 12:45AM ET
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Reuters = garbage media of Wall Street favor. Twisting the news to fit the agenda since 1851.
Forex brain
Forex brain Jul 22, 2021 12:37AM ET
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test
S S Shet
pingo_0070 Jul 21, 2021 11:07PM ET
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who r these stupid analysts ... on Monday its virus worries causes market fall .. and on Thursday it's no virus worries ... please leave corona for God's sake ... market doesn't react to same thing again and again... corona is a history now ... now speak something else
Jokers R Us
Jokers R Us Jul 21, 2021 11:07PM ET
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Corona is forever. Strap in.
Josh Davis
Josh Davis Jul 21, 2021 11:07PM ET
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Jokers R Us no its not. We dont even know the real counts with pcr cycles in the 30s when its meant for 17-18 cycles only lol.
Ron Love
Ron Love Jul 21, 2021 11:07PM ET
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Josh Davis the US was cycling in the 40s during the Presidential election.
 
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