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  3. US markets end sharply higher on Thursday

US markets end sharply higher on Thursday

22 Dec 2023 Evaluate

The US markets ended sharply higher on Thursday following the sharp pullback seen late in Wednesday's session. Positive sentiment was generated in reaction to revised Commerce Department data showing consumer prices increased by less than previously estimated in the third quarter. The Commerce Department said the surge in consumer prices in the third quarter was downwardly revised to 2.6 percent from 2.8 percent. The increase in core consumer prices, which exclude food and energy prices, was also downwardly revised to 2.0 percent from 2.3 percent. The revised inflation data was included in a report showing the spike in gross domestic product in the third quarter was downwardly revised to 4.9 percent from 5.2 percent. Street had expected the pace of GDP growth to be unrevised.

Meanwhile, a separate report released by the Labor Department on Thursday showed a slight uptick by initial jobless claims in the U.S. in the week ended December 16th. The Labor Department said first-time claims for U.S. unemployment benefits crept up to 205,000, an increase of 2,000 from the previous week's revised level of 203,000. Street had expected jobless claims to rise to 215,000 from the 202,000 originally reported for the previous week. On the sectoral front, semiconductor stocks saw substantial strength on the day, resulting in a 2.8 percent surge by the Philadelphia Semiconductor Index. Micron Technology (MU) led sector higher, spiking by 8.6 percent after reporting better than expected fiscal first quarter results and providing upbeat fiscal second quarter guidance.

Dow Jones Industrial Average gained 322.35 points or 0.87 to 37,404.35, Nasdaq rose 185.92 points or 1.26 percent to 14,963.87 and S&P 500 was up by 48.4 points 1.03 percent to 4,746.75.


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