Market Update 30/12/2021
U.S. Stock traded higher
Global stock markets edged higher on Thursday after fresh U.S. economic data indicated that a recent uptick of Omicron COVID-19 variant-related infections has not yet led to a surge in layoffs, a positive sign for the economy. Sentiment was supported by signs that governments, despite coronavirus cases hitting record highs, are trying to limit the economic damage by relaxing rules on isolation rather than resorting to lockdowns. MSCI's gauge of stocks across the globe gained 0.14%, while the pan-European STOXX 600 index rose 0.15%.
S&P 500, Dow close down
Wall Street closed lower on Thursday, retreating in thin holiday volume from record highs set early in the session on strong U.S. data including a drop in weekly claims for U.S. unemployment benefits. With one trading day left, the S&P 500 was set to end the year more than 27% higher, with the Nasdaq up about 23% and the Dow's annual rise just shy of 20%.
Each of Wall Street's main indexes was poised for its sharpest three-year surge since 1997-99.
Gold had made modest gains lately, but it has recently been struggling to hold on to the $1800/oz price point despite increasing fears about inflation. The number of jobless claims dipped to their lowest average since October 25th, 1969. Some economists believe that this low jobless claim will give the Fed confidence to quicken its reduction of monthly bond purchases.
Oil up
Oil prices rose for a seventh-straight day and as New Year's Eve neared, on optimism about global travel in 2020 despite risks expected from Covid variants.
Daily Currency Heatmap
The dollar ticked up against a basket of rival currencies in holiday-thinned trading on Thursday as a dip in weekly jobless claims data helped ease fears that a surge of COVID-19 infections would curb the economic recover.
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