View the article online at http://citywire.co.uk/wealth-manager/article/a725648
Overnight Markets: US stocks gain as jobless claims decline
by Himanshu Singh on Dec 27, 2013 at 06:19
Wall Street surged on Thursday, with the Dow Jones and S&P 500 ending at record highs, as a decline in jobless claims fuelled optimism in the economy and retail shares rallied.
The Dow Jones industrial average jumped 122 points, or 0.75%, to end at 16,480, a record closing high. The Standard & Poor's 500 Index gained nine points, or 0.47%, to finish at 1,842, also a record closing high. The Nasdaq Composite Index shot up 12 points, or 0.28%, to close at 4,167.
Stocks gained amid a positive sign for economic growth after initial jobless claims declined 42,000 in the latest week, dropping to 338,000 - the lowest level in nearly a month.
Retail shares remained in the focus as the holiday shopping season drew to a close. According to data published by MasterCard Advisors SpendingPulse, sales between 1 November and 24 December increased 2.3%, bucking concerns that the season had been weak.
Meanwhile, data showed jobless claims declined by 42,000 to 338,000 in the week ended 21 December, a Labour Department report showed in Washington.
Urban Outfitters (URBN.O) rose 2.2% and was one of the S&P 500's biggest percentage gainers. Amazon.com Inc (AMZN.O) gained 1.3%. Wal-Mart Stores Inc (WMT.N), a Dow component, added 0.5%.
Energy shares also climbed. Exxon Mobil Corp (XOM.N) shot up 1.7% that helped boost the Dow. Chevron Corp (CVX.N), another Dow component, gained 1.1%.
Target Corp (TGT.N) increased 1.3%, though it remained down 1.7% from its close on 18 December.
In the telecom sector, Japan's SoftBank Corp (9984.T) was in discussions to acquire T-Mobile US Inc (TMUS.N). Shares of T-Mobile US traded at their highest levels since 2007, gaining 2.3%.
Tesla Inc. gained 2.7% on a report that the electric car maker will focus on opening more showrooms in China next year. Twitter Inc. jumped 4.8%, increasing for a fifth straight day. EBay Inc. fell 2% as data showed a slowdown in sales.
News sponsored by:
Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.
Today's top headlines
More about this:
Look up the shares
- Barclays PLC
- BP PLC
- HSBC Holdings PLC
- International Personal Finance PLC
- Rio Tinto PLC
- Royal Dutch Shell PLC
- Tullow Oil PLC
More from us
What others are saying
- Fox Business
- Financial Times
- The Standard
- Proactive Investors
- Daily Mail
- Wall Street Journal
- Trade Arabia
- Proactive Investors