US stocks jump as oil prices slip and jobs data boosts confidence in the economy
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- US stocks rose on Thursday after weekly jobless claims fell to their lowest level in 52 years.
- The strong claims data bested economist estimates and underscores a healthy job market.
- Oil prices fell, with West Texas Intermediate dropping 2.3% to settle at $112.34 per barrel.
US stocks moved higher on Thursday, recovering from Wednesday's sell-off, after weekly jobless claims fell to their lowest level in 52 years.
Jobless claims fell to 187,000 last week, down 28,000 from the previous week and ahead of economist's estimates of 210,000. Filings hit the lowest level since September 1969, highlighting the underlying strength of a job market that is still recovering from the COVID-19 pandemic.
Meanwhile, commodity prices cooled on Thursday, with oil prices falling more than 2%. The drop in oil came on the same day President Joe Biden traveled to Europe to meet with other Western countries regarding the ongoing invasion of Ukraine by Russia, and called for Russia to be removed from G20.
Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:
- S&P 500: 4,520.16, up 1.43%
- Dow Jones Industrial Average: 34,707.94, up 1.02% (349.44 points)
- Nasdaq Composite: 14,191.84, up 1.93%
Russia partially reopened its stock market on Thursday for the first time in a month. The country allowed shortened trading in 33 of its 50 stocks, banned short-selling, and blocked foreigners from selling their stocks. The Moscow Exchange surged as much as 12% before finishing the day up 4%.
Russian billionaires gained more than $8 billion in wealth on Thursday after the Moscow Exchange resumed partial trading in certain securities.
BlackRock CEO Larry Fink believes the ongoing Russia-Ukraine conflict could help boost digital currencies after sanctions against Russia crippled their economy. "The war will prompt countries to re-evaluate their currency dependencies," Fink said.
Nikola stock soared as much as 19% after the company said it began production of its electric semi-truck. The company said it plans to build between 300 and 500 trucks this year.
Marijuana stocks surged in late afternoon trades on Thursday after the US House of Representatives scheduled a vote next week on a bill that would legalize the drug.
West Texas Intermediate crude oil fell 2.3% to settle at $112.34 per barrel. Brent crude, oil's international benchmark, dropped 2.9% to $118.04.
Bitcoin rose 2.83% to $43,960. Ether prices jumped 2.97% to $3,109.
Gold rose as much as 1.37% to $1,638.80 per ounce. The yield on the 10-year Treasury added 7 basis points to 2.36%.
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