With Wall Street drawing closer to the conclusion of a spectacular 2023, stocks on Thursday mainly increased.
For the second day in a row, the S&P 500 (^GSPC) was close to reaching an all-time closing high of 4,796.56. On Thursday, the benchmark average climbed by just 0.04%. The tech-heavy Nasdaq Composite (IXIC) fell just below the flat line, while the Dow Jones Industrial Average (DJI) gained 0.14%, or around 50 points.
The Nasdaq has nonetheless increased by more than 44% this year. It would be the greatest year for the main average since 2003 if it continues through Friday, the last trading day of 2023.
With Thursday’s opening open, stocks were aiming for a ninth week of gains. In the event that the S&P 500 has another winning week, it will represent the benchmark average’s longest winning run since 2004.
According to recent economic statistics, the number of jobless claims increased somewhat for the week ending December 23. The number of unemployment claims submitted by Americans increased to 218,000 from 205,000 the week before, above the 210,000 forecast by experts.
In general, labour market weakness has been widely watched by analysts for clues that the US economy is destined for a larger downturn in 2024. However, Thursday’s report offered nothing to raise alarms.
Companies have been quite reluctant to let go of employees that they have had difficulty finding over the past three years,” US economist Thomas Simons of Jefferies said in a note to investors on Thursday. “They’re going to try, but we doubt they’ll be able to hang on to everyone forever. Although there is a greater likelihood of a gentle landing in the job market, one way or another a landing is undoubtedly imminent.”
The National Association of Realtors (NAR) said on Thursday that the most recent publication of the index for pending home sales in November remained at 71.6 in terms of economic statistics. The index result fell short of the 0.9% gain analysts had predicted and was the lowest since the measure’s inception in 2001.
Regarding housing statistics, Freddie Mac issued data on Thursday showing that the 30-year fixed mortgage rate fell to 6.61% from 6.67% the week before. The current mortgage rate is the lowest it has been since May.