US stocks climb as an increase in jobless claims could signal more relief from Fed rate hikes

Specialist trader Chris Malloy (C) gives a price to traders on the floor of the New York Stock Exchange, October 18, 2013.

REUTERS/Brendan McDermid

• US stocks climbed Thursday after tech stocks saw a broad sell off the session prior.
• The Labor Department reported an increase in jobless claims week-over-week. 
• Each of the three major indexes are still on track for the worst year since 2008. 

US stocks climbed on Thursday following Wednesday's broad sell-off.

The Labor Department reported that jobless filings rose last week amid the Federal Reserve's efforts to cool down the labor market. First-time unemployment filings totaled 225,00 for the week ending December 24, Thursday data showed. That's an increase of 9,000 from the previous week, and slightly above the 223,000 estimate. 

Meanwhile, investors continue to watch China's reopening plans and its implications for global growth, though reports of rising COVID-19 cases weigh on oil prices. 

Here's where US indexes stood shortly after the 9:30 a.m. market open on Thursday: 

• S&P 500: 3,829.51, up 1.2%
• Dow Jones Industrial Average: 33,131.41, up 0.8% (256 points)
• Nasdaq Composite: 10,393.43, up 1.8%

Here's what else is going on: 

• FTX used $200 million of customer funds for venture capital investments, SEC complaint shows
• Russia's Gazprom saw its exports sink to the lowest level this century as flows to Europe dwindle
• The Sam Bankman-Fried-backed crypto Solana has lost nearly all its value this year
• Elon Musk's conservative politics are hurting his personal brand and Tesla customers, Paul Krugman says
• Elon Musk has warned a US recession next year could last 18 months

In commodities, bonds, and crypto: 

• Oil prices slipped, with West Texas Intermediate down 1.67% to $77.64 a barrel.
• Brent crude, the international benchmark, inched lower 1.50% to $82.01 a barrel.
• Gold edged higher 0.08% to $1,817.00 per ounce.
• The 10-year yield ticked higher 1.7 basis points to 3.869%.
• Bitcoin moved higher 0.14% to $16,615..57.

Read the original article on Business Insider

from Business Insider https://ift.tt/pGbjlX5