Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Stock Markets Edge Higher; Initial Jobless Claims Come In Lower

Stock MarketsDec 30, 2021 11:17AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks traded higher in Thursday morning trading, leaving them poised to end the year strongly amid growing confidence the Omicron Covid variant won’t cause serious economic damage.

At 11 AM ET (1600 GMT), the Dow Jones Industrial Average was up 34 points, or 0.1%, the S&P 500 traded 6 points higher, or 0.12%, higher and the Nasdaq Composite rose 63 points, or 0.4%. The Russell 2000 outgained its large-cap peers, trading up .8%.

All three major indices are on course to close the year higher, with the S&P 500 and Dow Jones Industrial Average entering the day up 28% and 19%, respectively, and the Nasdaq Composite up 22%.

Stock markets are rising on hopes fresh coronavirus-related curbs and restrictions may not be needed going into the new year, even as Covid-19 cases, largely of the Omicron variant, surge.

Helping the tone Thursday was the news of a study showing a booster dose of Johnson & Johnson's (NYSE:JNJ) single-dose vaccine was 84% effective  at preventing hospitalization in South African healthcare workers who became infected by the Omicron variant. Shares were up .6% in early trading.

Additionally, Covid-19 deaths and hospitalizations are "comparatively" low, Centers for Disease Control and Prevention Director Rochelle Walensky said on Wednesday, as cases in the United States reached a record high.

Elsewhere, Micron (NASDAQ:MU) is in the spotlight after the chipmaker warned that strict Covid-19 curbs in the Chinese city of Xi’an could disrupt its chip manufacturing unit in the area. Shares are down 1.5% in morning trading.

Biogen (NASDAQ:BIIB) stock dropped 7.1% after Samsung (KS:005930) Biologics scotched media reports that it is buying the American biotech company. Biogen is slightly ahead of where it was when the reports came out, and several analysts have written notes supporting the rationale for BIIB to sell itself, whether to the Korean conglomerate or someone else.

Thursday’s main economic release, the weekly initial jobless claims number, showed a drop of 8K to 198,000 from the previous week’s 206,000, as last week's number was revised up 1,000. Claims are a level that is generally consistent with pre-pandemic levels, though the 4-week moving average set a 52-year low.

Oil prices fell Thursday, handing back some recent gains but set to end the year with growing optimism that energy demand will prove resilient in the face of the omicron virus wave.

U.S. crude oil inventories fell by 3.6 million barrels in the week to Dec. 24, according to data from the Energy Information Administration, released Wednesday, suggesting demand remains strong in the world’s largest energy consumer.

U.S. crude futures traded 0.5% higher at $76.93 a barrel, while the Brent contract rose 0.4% to $79.53. The contracts are on course to post gains of between 50% and 60% in 2021, the biggest annual advances in more than a decade. This rise came amidst cuts from China to their import allocations, a bearish sign for oil demand.

Additionally, gold futures reversed earlier losses to trade up .27% to $1,810.75/oz, while EUR/USD traded 0.2% lower at 1.1324.

Other notable movers on Thursday include a bevy of casino stocks, including Penn National Gaming (NASDAQ:PENN) (4.3%), Wynn Resorts (NASDAQ:WYNN) (+3%), and Las Vegas Sands (NYSE:LVS) (+2.8%). A handful of media and social media stocks, including Twitter (NYSE:TWTR) (+3.9%), ViacomCBS (NASDAQ:VIAC) (3.8%) and Discovery (NASDAQ:DISCA) (3.6%) are also seeing a bid. Both groups may be benefiting from the end of tax-loss selling as they have been either down for the year or significantly down from highs as we close out 2021.

On the flipside, Pool Corporation (NASDAQ:POOL) is down 2.2%, while CF Industries Holdings Inc (NYSE:CF) is down 1.6% and APA Corporation (NASDAQ:APA) is down 1.6%. Each of those have been big winners this year, so again there may be some rebalancing going on.

(Article published at 7am ET, updated at 9:07am ET and 11:16am).

 

U.S. Stock Markets Edge Higher; Initial Jobless Claims Come In Lower
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Salvador Hernández Sánchez
Salvador Hernández Sánchez Dec 30, 2021 11:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All green stock, oil and index time to sell all
Salvador Hernández Sánchez
Salvador Hernández Sánchez Dec 30, 2021 11:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Usa not is the best, many cases of covid massives hidden
Casador Del Oso
Casador Del Oso Dec 30, 2021 10:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how quickly we forget: inflation, upcoming interest rate hikes, BBB tax increases, and extremely overvalued stocks
Augusto Reyes
Augusto Reyes Dec 30, 2021 10:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is a distraction.
Mart Bab
Rubberduck1973 Dec 30, 2021 10:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All good news. So the FED will go crazy on rates to stem inflation. Tell me how that’s good for stocks and I’ll give you a hundred bucks. It is beginning to look like everybody forgot how the economy works. I wonder how this will end
Mitchel Pioneer
Mitchel Pioneer Dec 30, 2021 9:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Another day of record fraud in the biggest investment joke in the world.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email