LIVE: Market Coverage: Thursday December 23 Yahoo Finance finance market

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All three major indexes were up Thursday morning, building on back-to-back sessions of gains as fears the Omicron variant would derail economic growth cooled among investors who sold-off risky assets at the start of the week on reports of swelling case numbers.

The Dow Industrial Average was up 200 points in early trading, while the S&P 500 and Nasdaq also edged higher.

Investors are weighing a trove of economic releases this morning. The Labor Department reported that initial jobless claims totaled 205,000, sustaining a downward trend from the highs of their pandemic peak and reflecting labor market tightness brought on by a demand for workers heading into the new year. The latest print brings the four-week moving average for new claims to its lowest in 52 years, ticking up by 2,750 week-over-week to reach 206,250.

November sales of new U.S. homes jumped 12.4% to a seven-month high of 744,000, buoyed by low mortgage rates and higher demand in the housing industry.

U.S. durable goods orders rose by 2.5% in November, up from the prior month, boosted by a sharp rise in aircraft orders.

Meanwhile, U.S. consumer prices accelerated at the fastest pace in nearly four decades as shoppers confront rising inflation levels ahead of the holidays.

Merck (MRK) received authorization from the U.S. Food and Drug Administration for its at-home COVID-19 drug, just one day after Pfizer (PFE) was also approved for use of its own treatment.

The pill developed by Merck in conjunction with Ridgeback Biotherapeutics, called molnupiravir, was shown to reduce hospitalizations and deaths by around 30% in clinical trial data. Pfizer’s pill was reported to be 90% effective at preventing hospitalizations and deaths in high-risk patients.

Shares of Merck were down 0.54% in early trading at $75.75 a piece, while Pfizer’s stock was $59.50 per share, down 0.08%.

In Wednesday’s trading session, investors weighed an upbeat print on consumer confidence levels and the release of an upwardly revised estimate for domestic GDP, placing all three major averages in the green after a mixed open.

The Conference Board reported consumer confidence increased by a greater-than-expected margin in December, with the headline index at 115.8 during the month and higher than Bloomberg’s consensus estimates of 111.0. In November, the index had a reading of 111.9, revised from an initial report of 109.5. Meanwhile, the nation’s gross domestic product grew at an annual rate of 2.3% in the third quarter in the final estimate from the Bureau of Economic Analysis after the initial report of 2.1%.

“We’ve been saying that this is definitely a buy the dip sort of market because we expect more earnings upgrades to come,” Anik Sen, PineBridge Investments global head of equities told Yahoo Finance Live. “We think that the real debate should be about the length and strength of the economic cycle ahead.”

The clock is also ticking on a year-end Santa Claus Rally — one in which stocks climb higher in the final seven trading sessions of a year, plus the first two trading days of the new year. Starting tomorrow, traders will see whether 92 years of data uphold.

For reasons unclear, over the past 92 years, the S&P 500 gained 77% of the time during the year-end rally period, according to data from Sundial Capital Research. The average gain in this nine-day trading period tallied 2.66%.

Separately, Oppenheimer chief investment strategist John Stoltzfus disclosed the most bullish price target on the S&P 500, forecasting a 14% climb to 5,330 by the end of 2022. The 38-year Wall Street veteran’s estimate beats even the most optimistic of his peers, BMO Capital Markets’s Brian Belski, who projected S&P 500 5,300.

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3 comments

Elijah Mumford 24/12/2021 - 5:47 Chiều

…BUT THE REAL M-o-n-i-e-s- are still with MONEY BAGS MICHAEL-BLOOMBERG…T.V. Broadcasts…maybe…CNBC and LOUDMOUTH …jim-cramer…!! LightNING Round'''

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Thomas Hoffman 24/12/2021 - 5:47 Chiều

The BIG PICTURE by the people who control this world, FREEMASONS!

"The First World War must be brought about in order to permit the Illuminati to overthrow the power of the Czars in Russia and of making that country a FORTRESS OF ATHEISTIC COMMUNISM. The divergences caused by the “agentur” (agents) of the Illuminati between the British and Germanic Empires will be used to foment this war. At the end of the war, Communism will be built and used in order to DESTROY the other governments and TO WEAKEN THE RELIGIONS.

The Second World War must be fomented by taking advantage of the differences between the Fascists and the political Zionists. This war must be brought about so that Nazism is destroyed and that the political Zionism be strong enough to institute a sovereign state of Israel in Palestine. During the Second World War, INTERNATIONAL COMMUNISM must become strong enough in order to balance Christendom, which would be then restrained and held in check until the time when we would need it for the FINAL SOCIAL CATACLYSM.

The Third World War must be fomented by taking advantage of the differences caused by the “agentur” of the “Illuminati” between the political Zionists and the leaders of Islamic World. The war must be conducted in such a way that Islam and political Zionism mutually destroy each other. Meanwhile the other nations, once more divided on this issue will be constrained to fight to the point of complete physical, moral, spiritual and economical exhaustion.

We shall unleash the Nihilists & the atheists (Russia, China) and we shall provoke a formidable social cataclysm which in all its HORROR will show clearly to the nations the effect of absolute atheism, origin of savagery and of the most bloody turmoil.

Then everywhere, citizens, obliged to defend themselves against the world minority of revolutionaries, will exterminate those destroyers of civilization, and the multitude, disillusioned with Christianity, whose deistic spirits will from that moment be without compass or direction, anxious for an ideal, but without knowing where to render its adoration, will receive the true light through the universal manifestation of the PURE DOCTRINE OF LUCIFER, brought finally out in the PUBLIC view.

This manifestation will result from the general reactionary movement which will follow the destruction of Christianity and atheism, both CONQUERED AND EXTERMINATED at the same time.”

"That which we must say to the crowd is, we worship a god, but it is the god one adores without superstition. To you sovereign grand inspector general, we say this and you may ONLY repeat it to the brethren of the 32nd, 31st and 30th degrees. The Masonic religion should be by all of us initiates of the HIGH DEGREES, maintained in the purity of the LUCIFERIAN DOCTRINE. YES, LUCIFER IS GOD!" – Albert Pike (Was a Lawyer, Writer, Confederate General and a founder of modern day Freemasonry.)

 – Albert Pike, published this in "Morals & Dogma," in 1871. Let that sink in… Because it's unfolding in front of you now.

Reply
Keith 24/12/2021 - 5:47 Chiều

$KVGOF $CGXEF to the mooon!!!!

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