Major Wall Street indexes gained on Thursday as growth and technology sectors climbed
According to data released from the U.S. Job Department, the number of claims for unemployment benefits climbed by 9,000 to a seasonally adjusted 225,000 last week, indicating some weakening in an otherwise robust labour market. The information eased worries about an overheated labour market that would encourage a more aggressive plan of action by the Fed.
Stocks have suffered this year as a result of the Fed’s quick interest rate hikes, with the tech-heavy Nasdaq plunging by over 33% and the benchmark S&P 500 (.SPX) falling by 19.3%.
Despite the slow holiday trading, the S&P 500 shares increased today, making up for all of the losses from the previous two days.
Apple Inc. (AAPL.O), Alphabet Inc. (GOOGL.O), Microsoft Corp. (MSFT.O), and Amazon.com Inc. (AMZN.O) are among the tech giants whose shares increased by more than 2% as of today’s morning trading.
Tesla shares (TSLA.O) gained 8.3% while Elon Musk, the company’s chief executive, advised employees not to be “bothered by stock market craziness”. The company’s stock is still down 66% for the year.
The CBOE Volatility index (.VIX), also known as Wall Street’s “fear gauge,” declined, indicating that investor apprehension has decreased.
Market momentum is attributed to investors hunting for deals during the year’s final trading days.
To read our full disclosure, please click on the button below:
The Content contained on this page (including any facts, views, opinions, recommendations, description of, or references to, products or securities) made available by SmallCapPower/Ubika Research is for information purposes only and is not tailored to the needs or circumstances of any particular person. Any mention of a particular security is merely a general discussion of the merits and risks associated there with and is not to be used or construed as an offer to sell, a solicitation of an offer to buy, or an endorsement, recommendation, or sponsorship of any entity or security by SmallCapPower/Ubika Research. The Reader should apply his/her own judgment in making any use of any Content, including, without limitation, the use of any information contained therein as the basis for any conclusions. The Reader bears responsibility for his/her own investment research and decisions. Before making any investment decision, it is strongly recommended that you seek outside advice from a qualified investment advisor. SmallCapPower/Ubika Research does not provide or guarantee any financial, legal, tax, or accounting advice or advice regarding the suitability, profitability, or potential value of any particular investment, security, or information source. Ubika and/or its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities and/or commodities and/or commodity futures contracts in certain underlying companies mentioned in this site and which may also be clients of Ubika’s affiliates. In such instances, Ubika and/or its affiliates and/or their respective officers, directors or employees will use all reasonable efforts to avoid engaging in activities that would lead to conflicts of interest and Ubika and/or its affiliates will use all reasonable efforts to comply with conflicts of interest disclosures and regulations to minimize the conflict.
 stock is held by institutions and Eric Sprott){kind=link}