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Wall Street closed higher on Thursday and market participants digested the economic data. The third-quarter gross domestic product (GDP) turned out lower than expectations. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.9% or 322.35 points to close at 37,404.35. Notably, 28 components of the 30-stock index ended in positive territory, while two ended in negative zone. The major gainer of the blue-chip index was Intel Corporation (INTC - Free Report) after jumping 2.9%. Intel currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq Composite finished at 14,963.87, rising 1.3% due to the strong performance of large-cap technology stocks.
The S&P 500 gained 1% to finish at 4,746.75. All 11 broad sectors of the benchmark ended in positive territory. The Consumer Discretionary Select Sector SPDR (XLY), the Technology Select Sector SPDR (XLK), the Industrials Select Sector SPDR (XLI) and the Health Care Select Sector SPDR (XLV) rose 1.5%, 1.1%, 1% and 1.2%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 0.2% to 13.65. A total of 10.88 billion shares were traded on Thursday, lower than the last 20-session average of 12.28 billion. The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 79 new highs and 68 new lows.
Third-Quarter GDP Falls Short
All three major indexes ended in green on Thursday. Investors were eagerly awaiting the third-quarter GDP reading, which came out on Thursday morning.
The Bureau of Economic Analysis (BEA) released its early estimate for U.S. GDP for the third quarter. The estimate was revised lower to a 4.9% annualized reading, which is below the consensus estimate. This figure represents a decline from the second estimate, which reported an increase of 5.2%.
The contrast with the second quarter is notable, where real GDP experienced a less robust increase, rising by 2.1%. This shift suggests a nuanced economic landscape, with the pace of growth showing variability between quarters.
Investors are eagerly awaiting Friday's release of the Commerce Department's personal consumption expenditures (PCE) report, which will provide insights into income growth, consumer spending and inflation.
Economic Data
The Labor Department said on Thursday that initial jobless claims rose to 205,000, increasing 2,000 for the week ending Dec 16. The previous week's level was revised up by 1,000 from 202,000 to 203,000. The four-week moving average increased to 212,000, marking a decrease of 1,500 from the previous week. The prior week's average was revised up by 250 to 213,500.
Continuing claims came in at 1,865,000 for the week ending Dec 9, decreasing 1,000 from the previous week’s revised level. The prior week's numbers were revised down by 10,000 from 1,876,000 to 1,866,000. The four-week moving average was 1,878,000, an increase of 6,000 from the previous week's revised average. Last week's average was revised down by 2,500 from 1,874,500 to 1,872,000.
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Stock Market News for Dec 22, 2023
Market News
Wall Street closed higher on Thursday and market participants digested the economic data. The third-quarter gross domestic product (GDP) turned out lower than expectations. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.9% or 322.35 points to close at 37,404.35. Notably, 28 components of the 30-stock index ended in positive territory, while two ended in negative zone. The major gainer of the blue-chip index was Intel Corporation (INTC - Free Report) after jumping 2.9%. Intel currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq Composite finished at 14,963.87, rising 1.3% due to the strong performance of large-cap technology stocks.
The S&P 500 gained 1% to finish at 4,746.75. All 11 broad sectors of the benchmark ended in positive territory. The Consumer Discretionary Select Sector SPDR (XLY), the Technology Select Sector SPDR (XLK), the Industrials Select Sector SPDR (XLI) and the Health Care Select Sector SPDR (XLV) rose 1.5%, 1.1%, 1% and 1.2%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 0.2% to 13.65. A total of 10.88 billion shares were traded on Thursday, lower than the last 20-session average of 12.28 billion. The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 79 new highs and 68 new lows.
Third-Quarter GDP Falls Short
All three major indexes ended in green on Thursday. Investors were eagerly awaiting the third-quarter GDP reading, which came out on Thursday morning.
The Bureau of Economic Analysis (BEA) released its early estimate for U.S. GDP for the third quarter. The estimate was revised lower to a 4.9% annualized reading, which is below the consensus estimate. This figure represents a decline from the second estimate, which reported an increase of 5.2%.
The contrast with the second quarter is notable, where real GDP experienced a less robust increase, rising by 2.1%. This shift suggests a nuanced economic landscape, with the pace of growth showing variability between quarters.
Investors are eagerly awaiting Friday's release of the Commerce Department's personal consumption expenditures (PCE) report, which will provide insights into income growth, consumer spending and inflation.
Economic Data
The Labor Department said on Thursday that initial jobless claims rose to 205,000, increasing 2,000 for the week ending Dec 16. The previous week's level was revised up by 1,000 from 202,000 to 203,000. The four-week moving average increased to 212,000, marking a decrease of 1,500 from the previous week. The prior week's average was revised up by 250 to 213,500.
Continuing claims came in at 1,865,000 for the week ending Dec 9, decreasing 1,000 from the previous week’s revised level. The prior week's numbers were revised down by 10,000 from 1,876,000 to 1,866,000. The four-week moving average was 1,878,000, an increase of 6,000 from the previous week's revised average. Last week's average was revised down by 2,500 from 1,874,500 to 1,872,000.