U.S. stocks rose on Thursday morning after the S&P 500 and Dow each closed a rally high in the middle of a light trade on Wall Street in the last week of 2021.
Dow, S&P and Nasdaq have all sought to build on previous gains.
While investors will turn their attention to new data coming out of Washington on Thursday morning, the economic and earnings calendars will be lighter for the last two trading days of the year. Weekly unemployment claims.
Department of Labor Released its latest report on early and ongoing unemployment claims. For the first time, unemployment fell further last week to 198,000 – well below the expected 206,000. Earlier in December, unemployment claims fell to 188,000 – the lowest level since 1969.
In a regulatory filing on Thursday, Samsung BioLogics U.S. pharmaceutical maker Biogen IncBIIB), Citing investment bank sources, drew attention on Wednesday after the pharmaceutical maker’s shares rose during intraday trading, following a report by the Korea Economic Daily. The report said that Biogen had approached Samsung to buy shares in a deal worth more than $ 42 billion.
Biogen’s stock rose 9.46% to $ 258.31.
Despite a good week for markets, aircraft stocks continued to fall amid rising COVID-19 cases and air traffic disruptions due to the winter weather. Delta Airlines (From) It was announced on Wednesday that an additional 250 flights had been canceled after thousands of major airlines announced groundbreaking and delayed flights over the Christmas weekend.
“It’s a controlled liquidation, so keep it that way,” said Mike Boyd, chairman of Boyd Group International, Yahoo Finance. The airline “knows where they will be short-lived and then they will have to fix it.”
Markets continue to weigh on the COVID-19 case, which hit a global record earlier this week. Infections of the highly contagious Omigran variant – found to spread 70 times faster than previous strains – include most of the newly observed positive tests, although studies show that strain-induced disease can lead to serious or even hospitalization.
December was a volatile month for investors as they weighed the impact of the pressure on the economy, but recent developments indicating that Omicron could cause a mild illness have helped markets shake off earlier concerns.
“Worse, the bad news about Omicron may be good news for the markets because it encourages the central bank to pursue more relaxed monetary policies.” Octavio Marenci, CEO of Opimas LLC, told Yahoo Finance live. “Very good news for the real economy can actually be very bad for the markets.”
9:31 am ET: Stocks charge upfront to extend gains
Here are the key moves in open markets:
S&P 500 (^ GSPC): +5.93 (+ 0.12%) to 4,798.99
Dove (DJI): +103.36 (+ 0.28%) to 36,591.99
Nasdaq (IXIC): -8.96 (-0.06%) to 15,757.26
RawCL = F): + $ 0.23 (+ 0.30%) to $ 76.79 a barrel
Gold (GC = F):-$ 2.50 (-0.14%) to $ 1,803.30 per ounce
10 year treasury (DNX): -1.6 bps 1.5270% yield
8:50 am: Tesla releases reminiscent of Model 3 and Model S cars
Tesla Inc (DSLA) 475,000 Model 3 and Model S electric cars recalled, According to the US National Highway Traffic Safety Administration (NHTSA).
For trunk issues in vehicles and Model 3s, the rearview cameras fitted in these units were recalled due to two safety concerns that could be disabled.
Shares of Tesla fell 2.2% during trading on Wednesday CEO Elon Musk has sold another $ 1 billion in company shares.
8:30 am and: Unemployment claims are close to pre-epidemic lows
Department of Labor Released its latest report on early and ongoing unemployment claims. For the first time, unemployment fell further last week to 198,000 – well below the expected 206,000. In December, unemployment claims fell to 188,000 after 1969.
Consecutive claims for the week ended December 18 stood at 1.716 million, down from 1.875 million in the previous week.
7:10 am ET: Futures will be disabled before the trading day
S&P 500 Futures (ES = F): +8.50 points (+ 0.15%), 4,793.00
Dow Futures (YM = F): +50.00 (+ 0.14%), 36,431.00
Nasdaq Futures (NQ = F): +0.39 points (+ 0.24%) 16,529
6:01 pm Wednesday ET: Deals on S&P, Dow and Nasdaq open sideways
S&P 500 Futures (ES = F): +0.50 points (+ 0.01%), 4,785.00
Dow Futures (YM = F): +3.00 (+ 0.01%), 36,384.00
Nasdaq Futures (NQ = F): -0.25 points (0.00%) to 16,490.25
Alexandra Semanova is a Yahoo Finance correspondent. Follow her on Twitter @alexandraandnyc
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