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  3. US markets end higher on Thursday

US markets end higher on Thursday

09 Dec 2022 Evaluate

The US markets ended higher on Thursday as traders picked up stocks at somewhat reduced levels following the sell-off seen to start the week, which reflected concerns about the outlook for interest rates and the economy. Meanwhile, traders continued to look ahead to Friday's release of the Labor Department's report on producer price inflation in November. Street expect producer prices to inch up by 0.1 percent in November after rising by 0.2 percent in October, while the annual rate of growth is expected to slow to 7.4 percent from 8.0 percent. On the sectoral front, networking stocks showed a substantial move to the upside on the day, driving the NYSE Arca Networking Index up by 3.9 percent. Ciena (CIEN) helped lead the sector higher, spiking by 20 percent after reporting better than expected fiscal fourth quarter results and forecasting 'outsized' revenue growth in 2023. Significant strength was also visible among semiconductor stocks, as reflected by the 2.7 percent surge by the Philadelphia Semiconductor Index.

On the economic data front, first-time claims for U.S. unemployment benefits edged slightly higher in the week ended December 3rd, according to a report released by the Labor Department. The report said initial jobless claims crept up to 230,000, an increase of 4,000 from the previous week's revised level of 226,000. Street had expected jobless claims to inch up to 230,000 from the 225,000 originally reported for the previous week. The Labor Department said the less volatile four-week moving average also ticked up to 230,000, an increase of 1,000 from the previous week's revised average of 229,000. The four-week moving average of continuing claims also rose to 1,582,250, an increase of 43,250 from the previous week's revised average of 1,539,000.

Dow Jones Industrial Average rose 183.56 points or 0.55 percent to 33,781.48, Nasdaq gained 123.45 points or 1.13 percent to 11,082 and S&P 500 was up by 29.59 points or 0.75 percent to 3,963.51.

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