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  3. US markets end marginally higher amid improving employment data

US markets end marginally higher amid improving employment data

06 Dec 2019 Evaluate

The US markets ended marginally higher on Thursday as US and Chinese officials continued to express optimism that a limited trade deal can be reached that would ratchet back tensions, though private reports suggested that sticking points remain ahead of a December 15 deadline, when the US plans to implement further tariffs. The strength on the markets also came in following the Labor Department released a report showing an unexpected decrease in first-time claims for US unemployment benefits in the week ended November 30th. The report said initial jobless claims slipped to 203,000, a decrease of 10,000 from the previous week's unrevised level of 213,000. The drop came as a surprise to participants, who had expected jobless claims to inch up to 215,000. With the unexpected decrease, jobless claims fell to their lowest level since hitting 193,000 in the week ended April 13th.

Besides, new orders for US manufactured goods increased in line with street estimate in the month of October, according to a report released by the Commerce Department. The Commerce Department said factory orders rose by 0.3 percent in October after falling by a revised 0.8 percent in September. Street had expected orders to rise by 0.3 percent compared to the 0.6 percent drop originally reported for the previous month. Meanwhile, primarily reflecting a notable decrease in the value of imports, the Commerce Department released a report showing the US trade deficit narrowed in the month of October. The Commerce Department said the trade deficit narrowed to $47.2 billion in October from a revised $51.1 billion in September. Street had expected the trade deficit to narrow to $48.7 billion from the $52.5 billion originally reported for the previous month. The narrower trade deficit in October reflected the smallest trade deficit since the $44.4 billion shortfall in May of 2018.

Dow Jones Industrial Average gained 28.01 points or 0.10 percent to 27,677.79, Nasdaq added 4.03 points or 0.05 percent to 8,570.70 and S&P 500 was up by 4.67 points or 0.15 percent to 3,117.43.

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