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  3. US markets end higher on Thursday

US markets end higher on Thursday

27 Jan 2023 Evaluate

The US markets ended higher on Thursday following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022. The report said real gross domestic product shot up by 2.9 percent in the fourth quarter after spiking by 3.2 percent in the third quarter. Street had expected GDP to jump by 2.6 percent. The stronger than expected GDP growth reflected increases in private inventory investment, consumer spending, government spending, and non-residential fixed investment. Meanwhile, the positive contributions were partly offset by decreases in residential fixed investment and exports. The Labor Department also released a report showing initial jobless claims unexpectedly dipped to a nine-month low in the week ended January 21st.

The report said initial jobless claims edged down to 186,000, a decrease of 6,000 from the previous week’s revised level of 192,000. The dip surprised participants, who had expected jobless claims to rise to 205,000 from the 190,000 originally reported for the previous week. With the unexpected decrease, jobless claims fell to their lowest level since hitting 181,000 in the week ended April 23, 2022. On the sectoral front, Steel stocks moved sharply higher over the course of the session, driving the NYSE Arca Steel Index up by 3.2 percent to its best closing level in over eleven years. Substantial strength was also visible among oil stocks, as reflected by the 3.1 percent surge by the NYSE Arca Oil Index. With the increase, the index reached a record closing high.

Dow Jones Industrial Average gained 205.57 points or 0.61 percent to 33,949.41, Nasdaq rose 199.06 points or 1.76 percent to 11,512.41 and S&P 500 was up by 44.21 points or 1.1 percent to 4,060.43.

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