Business

Stocks jump in Fed rally, Apple nears new milestone

U.S. stocks rose for a second session after the Federal Reserve said it would accelerate its pullback of economic stimulus and even as weekly jobless claims moved higher. 

The Dow Jones Industrial Average rose 146 points or 0.4%, while the S&P 500 and Nasdaq Composite gained 0.45% and 0.39%, respectively. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 36021.07 +93.64 +0.26%
SP500 S&P 500 4705.13 -4.72 -0.10%
I:COMP NASDAQ COMPOSITE INDEX 15450.433444 -115.15 -0.74%

GET FOX BUSINESS ON THE GO BY CLICKING HERE

On Thursday, the Labor Department reported new claims for unemployment benefits for last week rose 206,000, up from the previous week’s tally of 188,000 which was the lowest in 52 years. Continuing claims, which track the total number of unemployed workers collecting benefits, fell to 1.845 million, a pandemic low.

MILLENNIALS ARE SUPERCHARGING THE HOUSING MARKET

In stocks, Delta moved higher after laying out financial goals for the next three years and expects meaningful profitability by 2022. CEO Ed Bastian, in an interview with CNBC, also noted holiday travel is rebounding.  

Ticker Security Last Change Change %
DAL DELTA AIR LINES INC. 36.77 +0.18 +0.49%
AAL AMERICAN AIRLINES GROUP INC. 16.95 -0.04 -0.25%
LUV SOUTHWEST AIRLINES CO. 40.12 +0.03 +0.06%
UAL UNITED AIRLINES HOLDINGS INC. 41.51 +0.01 +0.03%

McDonald’s announced it reached a settlement with former CEO Steve Easterbrook after he was fired for having a consensual relationship with an employee. He will return $105 million in compensation to the fast-food giant. 

In vaccine news, Regeneron in focus on reports its antibody cocktail loses potency against the omicron variant.  

Ticker Security Last Change Change %
REGN REGENERON PHARMACEUTICALS INC. 646.09 -11.84 -1.80%

Investors continue to watch Apple as it moves closer to the first company to cross the $3 trillion mark. Shares must hit $182.856 to hit the milestone.   

CLICK HERE TO READ MORE ON FOX BUSINESS

Ticker Security Last Change Change %
AAPL APPLE INC. 175.93 -3.37 -1.88%

In other economic news, the Commerce Department reported building starts, the number of new homes under construction in November, jumped 11.8% to a seasonally adjusted annual rate of 1.679 million. That’s after unexpectedly falling 0.7% in October on labor and materials shortages. While permits, a sign of future growth, rose 3.6% to 1.7 million. 

The Philadelphia Federal Reserve index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware dropped to 15, sharply lower than the 30 reading economists were expecting. 

CLICK HERE FOR FOX BUSINESS’ REAL-TIME CRYPTOCURRENCY PRICING DATA 

In Europe, London’s FTSE gained 0.9%, Germany’s DAX added 1.5% and France’s CAC rose 1%. The Bank of England raised interest rates in the United Kingdom on Thursday to combat surging consumer prices, becoming the first central bank among the world’s leading economies to do so since the coronavirus pandemic began.

RETAIL SALES PULL BACK WITH MODEST INCREASE AS INFLATION HITS CONSUMER SPENDING

The increase in the bank’s main rate to 0.25% from the record low of 0.1% was a surprise given the rapid spread of the omicron variant of the coronavirus across the country, which is already hurting many businesses, particularly those in the hospitality sector.

In Asia, Tokyo’s Nikkei 225 index rose 2.1%, Hong Kong’s Hang Seng clawed back from early losses, gaining 0.2% and China’s Shanghai Composite index added 0.8%.

FOX Business’ Ken Martin and The Associated Press contributed to this report.


Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button