Indices on Wall Street are erasing the declines of the past few days and continuing to rise in near euphoric mood. The S&P 500 is trading up 1.82%, the NASDAQ is gaining 2.46%. The Dow Jones is trading 1.12% higher.
Market sentiment was aided by a higher reading of unemployment claims in the US. In the week ended December 24, 225,000 Americans filed claims, compared to 216,000 previously. Continuing claims rose to 1.71 million from 1.672 million previously vs. expectations of 1.686 million
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Create account Try a demo Download mobile app Download mobile appTesla shares are gaining 11% today amid bullish forecasts from Wedbush and Morgan Stanley analysts. The analysts pointed to competitive advantages supporting EV demand, the U.S. Inflation Reduction Act and the growing share of electric cars in the global auto market. Apple shares also more than erased yesterday's declines. Both companies are pulling major U.S. benchmarks higher.
Medical companies are trading higher today in the face of news coming out of China about a spreading coronavirus pandemic. Analysts at UK-based Airfinity indicated that the number of deaths in the Middle Kingdom is rising and has reached 9,000.
NATGAS continues its downward trend despite data from the EIA, which in theory should help the bulls. The change in stocks was -213B versus -199B forecast and -87B previously. The declines are supported by forecasts of record warm weather in the United States.
Oil continued to trade under pressure today, as the sustainability of the opening of China's economy, the world's largest oil importer, came into question in the face of rising cases of coronavirus.
The currency market reflected today's pro-growth sentiment and a retreat to risky assets. The best performing currency was undoubtedly the Japanese yen, while the US dollar was the biggest loser.
Source: xStation 5
Precious metals have had a very good session, with palladium leading the way, gaining nearly 5%. Gold and silver are up 0.8% and 1.9%, respectively.
The mood of the cryptocurrency market is still mixed. Digital assets are not following in the footsteps of Wall Street and it is futile to look for euphoric increases among them. Bitcoin is trading around $16,600, Ethereum is holding at $1,200.
Thursday's session on Wall Street brings clear increases in all sectors of the economy. Source: xStation 5
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