Stocks were modestly higher Thursday, helped by a bit of good economic data
Stocks were modestly higher Thursday, helped by a bit of good economic data on the jobs front. Trading was relatively quiet with many investors having closed out their positions for the year.
The S&P 500 index was up 0.2% as of 1:43 p.m. Eastern, a day after notching its latest all-time high. The Dow Jones Industrial Average was up 0.1% and the Nasdaq was up 0.6%.
Companies that rely on consumer spending as well as health care and communications stocks accounted for a big share of the gains. Target rose 2.5%, Pfizer gained 1% and Netflix added 1.3%.
Cruise lines fell after the Centers for Disease Control and Prevention recommended that passengers avoid cruise travel, regardless of their COVID-19 vaccination status. Norwegian Cruise Line slid 1.4% and Carnival dropped 0.8%.
Most of Wall Street is on vacation or has closed their positions for 2021, which means trading is extremely light. Investors will likely not make any large moves until next week with the start of the New Year.
Investors got a couple bits of good news to close out the year. The number of Americans applying for unemployment benefits fell below 200,000, more evidence that the job market remains strong in the aftermath of last year’s coronavirus recession. Wall Street will get the December jobs report next week.
Meanwhile the Chicago Purchasing Manager Index, a gauge of manufacturing and economic activity, came in at 63.1 for December. That’s slightly better than the reading of 62.0 that economists were expecting, according to FactSet.
Investor concerns about the omicron variant have eased after researchers said it appears to cause less severe symptoms and President Joe Biden avoided announcing travel or other restrictions that might weigh on economic activity.
Still, markets are uncertain about the impact of omicron, which is spreading fast and quickly becoming the dominant variant.
The yield on the 10-year Treasury note edged lower to 1.52% from 1.54% the day before.