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

Wall Street Trades Higher Entering Christmas Weekend; Dow up 245 Pts

Stock MarketsDec 23, 2021 02:19PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets traded mostly higher in quiet trading on Thursday, shrugging off a mixed set of economic data and winding down ahead of the Christmas holiday period. 

At 2:15 PM ET (1915 GMT), the Dow Jones Industrial Average was up 245 points, or 0.7% at 36,000 points, while the S&P 500 was up 0.8% and the Nasdaq Composite was up 1%. 

All three indices added to sharp gains made on Wednesday, amid a growing body of scientific evidence that the latest dominant strain of the Covid-19 virus may be significantly less dangerous than previous strains. Data from the U.K., Denmark and South Africa in the last 48 hours have all shown a reduced risk of serious illness from the so-called Omicron stream. 

Earlier, the latest economic data from the U.S. showed a modest slowdown in personal spending in November, which grew only 0.6% on the month. That's still a decent clip but is clearly down from earlier in the year, and analysts said it added to evidence suggesting that the consumer boom fueled by stimulus payments over the first 18 months of the pandemic is slowing. 

The trend was also reflected in a 0.1% drop in core durable goods in November, stripping out defense- and aviation-related orders, which tend to be more volatile. 

In more encouraging news, initial jobless claims continued to bounce along at a historically low 205,000 last week, indicating no softening of conditions in the labor market despite the latest increase in Covid-19 cases across the U.S. 

Core prices for personal consumer expenditures, meanwhile, again showed why the Federal Reserve is pivoting faster to a tighter monetary policy stance. The Fed's preferred measure of inflation rose by 0.5% on the month, more than the 0.4% expected, and October's data were also revised up to show a 0.5% gain. That brought the annual rate of PCE inflation to 4.7%, up from 4.2% in October. The benchmark 10-Year U.S. Treasury yield touched 1.50% for the first time in 10 days in response.

There were few individual stock moves of note. Among the biggest was Chinese e-commerce giant JD (NASDAQ:JD).com ADRs, which fell 9.9% after long-term backer Tencent Holdings (OTC:TCEHY) said it will distribute almost all of its stake in the company, saying it was strong enough to stand on its own two feet. The move comes after months of increased scrutiny of China's Internet giants by Beijing's antitrust authorities, which has slashed tens of billions of dollars off their market value.  Tencent ADRs rose 4.2% but are still down some 40% from their July peak.

Quidel Corporation (NASDAQ:QDEL) shares took a 17% dip after the test maker announced an acquisition of Ortho Clinical Diagnostics, as the market seems concerned about the cost. Shoe manufacturer Crocs Inc (NASDAQ:CROX) took a similar hit, dropping 14% on news of the acquisition of Heydude, with similar concerns over the price and the dilution involved.

Avocado producer Mission Produce (NASDAQ:AVO) also fell 9.9% after a disappointing quarterly update dominated by supply bottlenecks that led to spoiled shipments and lower margins. 

Covid vaccine makers sold off, with Novavax Inc (NASDAQ:NVAX) leading the way with a 5% drop despite reporting that a two-dose regimen of their vaccine demonstrated "strong immune responses" against omicron and other Covid-19 variants.

Micron Technology Inc (NASDAQ:MU) led the semiconductor sector higher, as the memory chip maker approached all-time highs as investors continue to digest the company's strong earnings report from Monday. Micron was up nearly 5% while the iShares Semiconductor ETF (NASDAQ:SOXX) was up 1.4%.

Crude Oil WTI Futures traded up nearly 1% and is poised to finish the week up 4%, rebounding from Omicron related fears last week.

Check out Investing.com's 2022 outlook series here.

(Originally published at 9:50am ET, updated at 2:20pm)

Wall Street Trades Higher Entering Christmas Weekend; Dow up 245 Pts
 

Related Articles

Apple looks to boost production outside China- WSJ
Apple looks to boost production outside China- WSJ By Reuters - May 21, 2022

(Reuters) - Apple Inc (NASDAQ:AAPL) has told some of its contract manufacturers that it wants to increase production outside China, the Wall Street Journal reported, citing people...

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 (5)
TheLast LoserDon
TheLast LoserDon Dec 23, 2021 10:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Well done Mr. President.
Peter ONeill
Peter ONeill Dec 23, 2021 10:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
US Debt at $30 TRILLION and skyrocketing inflation - borrowing money and raise inflation is easy. A leader does it so it does lead to a bubble that will pop + mess up all future generations by leaving them with a mountain of debt. USA now has highest debt since WW2 and only getting worse...
Mark Manley
Mark Manley Dec 23, 2021 10:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wow. Just wow. Extremely strong economy, but no one wants to acknowledge it or take credit for it. First time in my life that we've had an economy this strong and the white house refused to take credit for it.
Edward Chong
Edward Chong Dec 23, 2021 10:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
haha
Critical Riff
Critical Riff Dec 23, 2021 10:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
this is one of those posts where you can't tell if it's satire or not...
Peter ONeill
Peter ONeill Dec 23, 2021 10:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Strong economy? hahahahhahahah....US national debt is at its highest level since WW2, US Corporate Debt hasn't been this high as a total amount ever and versus GDP since 2001 & 2008 (we all know what happened next). US exports are falling while inflation is skyrocketing. EVERYYYYYYYYYYYY Indicator points to a debt-fueled bubble - the question is when it pops not if.
Kristof Naessens
Kristof Naessens Dec 23, 2021 10:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Good news, bad news, inbetween news, all bullish! Keep printing FED or everything comes crumbling down.
Ronald Warren
Ronald Warren Dec 23, 2021 10:09AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lower spending means that all the stimulus , including bond purchases isn't getting to Main Street. Banks are the bond brokers. The FED prints money to buy the bonds. Banks are hoarding the money. There are limits on a banks reserves, so the FED collects all the excess and of course, pays the banks interest on it. The money keeps running in their loop. Banks earnings have been outrageous during the pandemic.
Stan Smith
Stan Smith Dec 23, 2021 10:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Miracle on Wall St...lol
 
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