Dec. 8 (Reuters) – The S&P 500 (.SPX) It ended higher on Thursday, snapping a five-session losing streak, as investors interpreted data showing a rise in weekly jobless claims as a sign that the pace of interest rate hikes could soon slow.
Wall Street’s major indexes have been under pressure in recent days, with the S&P 500 losing 3.6% since early December on expectations of a longer rate hike cycle and a bearish economic outlook from some top executives.
Such thoughts also affected the Nasdaq Composite (.IXIC)the tech-heavy index had posted four straight losing sessions before Thursday’s advance.
Stocks rose as investors welcomed the data shows The number of Americans filing for jobless benefits rose moderately last week, while the jobless rate reached a 10-month high toward the end of November.
The report is as follows History Last Friday, US employers showed that they hired more workers and raised wages than expected in November, raising fears that the Fed will stick to its aggressive stance to prevent decades of high inflation.
Markets have been hit by data releases in recent days, with investors losing confidence ahead of the Federal Reserve’s guidance on interest rates next week.
That kind of behavior means Friday’s producer price index and the University of Michigan’s consumer sentiment survey will dictate whether Wall Street can rally on Thursday.
“The market has to adjust to the fact that we’re moving from a stimulus-driven economy — both fiscal and monetary — to a fundamentals-driven economy, and we’re struggling with that right now,” Willie Angell said. Market Strategist at Ziegler Capital Management.
Dow Jones Industrial Average (.DJI) Up 183.56 points or 0.55% to close at 33,781.48 points; S&P 500 (.SPX) 3,963.51, gaining 29.59 points or 0.75%; and the Nasdaq Composite (.IXIC) Adding 123.45 points or 1.13% to 11,082.00.
Nine of the 11 major S&P 500 sectors advanced, with technology stocks gaining 1.6%. (.SPLRCT).
Most mega-cap technology and growth stocks won. Apple Inc (AAPL.O)Nvidia Corp (NVDA.O) and Amazon.com Inc (AMZN.O) It increased between 1.2% and 6.5%.
Microsoft Corp (MSFT.O) It rose 1.2%, 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. The “Call of Duty” game maker closed down 1.5%.
Energy index (.SPNY) Exxon Mobil Corp was the exception though, down 0.5% (XOM.N) It gained 0.7% after announcing it would expand a $30 billion share buyback program. The sector has been under pressure in recent sessions as commodity prices have fallen: US crude is now nearing its early 2022 level.
Meanwhile, Moderna Inc (MRNA.O) It advanced 3.2% after the US Food and Drug Administration competent The vaccine manufacturer’s COVID-19 shots target both the original coronavirus and the Omicron sub-variants for use in children as young as six months old.
The regulator also approved similar guidance for COVID vaccine maker Pfizer Inc (PFE.N)3.1% and its partner BioNTech, whose US-listed shares gained 5.6%.
Rent the Runway Inc (Rent.O) the apparel rental firm posted its biggest one-day gain, surging 74.3% after raising its revenue forecast for 2022.
The stock traded 10.07 billion shares over the past 20 trading days, compared to an average of 10.90 billion shares for the full session.
The S&P 500 recorded 15 new 52-week highs and three new lows; The Nasdaq Composite recorded 82 new highs and 232 new lows.
Reporting by Shubham Batra, Ankika Biswas, Johann M Cherian in Bengaluru and David French in New York; Edited by Vinay Dwivedi, Sriraj Kalluvila, Anil D’Silva and Richard Chang
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