US equities traded higher after an encouraging report on commodities, unemployment demands and despite several signs of sustained inflation.
The Dow Jones Industrial Average jumped 190 points or 0.5%, while the S&P 500 and Nasdaq Composite rose 0.5% and 0.7%, respectively, in what is about to be the second day in a row with gains for the last week trading day. The bond market will have an abbreviated trade with the market that closes at 1[ads1]4.00 ET.
US ECONOMIC GROWTH REVISED UP TO 2.3% IN THIRD QUARTER, BUT STILL MADE IN PREVIOUS MONTHS
|Me: DJI||DOW JONES AVERAGE||35966.14||+212.25||+0.59%|
|I: COMP||NASDAQ COMPOSITE INDEX||15616.746503||+94.85||+0.61%|
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Oil was approaching the $ 73 per barrel level. ExxonMobil continued to fight a refinery fire at the Baytown Texas facility.
FIRE AT EXXON’S REFINERY IN BAYTOWN TEXAS
|USE||UNITED STATES OIL FUND LP||52.52||+0.04||+0.08%|
|XOM||EXXON MOBIL CORP.||61.24||+0.23||+0.38%|
In economic data: Durable goods, sales of goods with large tickets increased by 2.5% after rising only 0.1% last month. The data backs up the latest Consumer Confidence Index, which showed an increase in spending plans over the next six months.
Personal income and consumption also increased with consumption up 0.6% and income up 0.4%.
In terms of inflation, core spending on personal consumption, which removes volatile food and energy prices, is also expected to jump by 0.5% month-on-month in November. The year-on-year change in the core PCE, which is the Federal Reserve’s preferred measure of inflation, rose 4.7%, the highest value in almost 33 years.
CONSUMER TRUST ROSY, BUT COVID, INFLATION REMAINS WIND
And for unemployment claims, they stuck at 205,000, little changed from last week’s total of 206,000. Continued claims, which track the total number of unemployed workers collecting benefits, reached 1.859 million, and are still hovering near a pandemic low.
COVID-19 PILL: WHAT TO KNOW
In shares, Merck received approval from the Food and Drug Administration on its COVID-19 pill after Pfizers were approved on Wednesday. In addition, Novavax said that their COVID regimen “demonstrated cross-reactive immune responses to Omicron” in an update.
|MRK||MERCK & CO. INC.||75.75||-0.40||-0.52%|
The electric car manufacturer shares in focus after the truck manufacturer Nikola said that they delivered their first customer order.
Investors continue to look at Apple. Reaching its $ 3 trillion market value seems to be pushed to 2022. Microsoft is the only other company that is close to this status.
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While it is a holiday shortened week, stocks will have a full trading session on Thursday. There will be no trading in stocks or US government bonds on Christmas Eve Friday. Many world markets will be closed on Friday for Christmas.
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Ken Martin and The Associated Press contributed to this report.