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US close: Markets firmer as jobless claims surprise to the downside

By Josh White

Date: Thursday 07 Oct 2021

US close: Markets firmer as jobless claims surprise to the downside

(Sharecast News) - Wall Street stocks were in positive territory at the close on Thursday, as Congress reached agreement to stave off US debt limit for the time being, avoiding a government default, with jobless claims surprising to the downside.
At the close, the Dow Jones Industrial Average was up 0.98% at 34,754.94, the S&P 500 added 0.83% to 4,399.76, and the Nasdaq Composite was 1.05% firmer at 14,654.02.

The Dow Jones closed 337.95 points higher on Thursday, extending gains recorded in the previous session.

Major indices got a boost early in the session on news that Senate Minority Leader Mitch McConnell had offered a short-term suspension proposal to Senate Democrats that will raise the debt ceiling by a certain amount and allow the government to continue operating until December.

Tech stocks were in the green, with Twitter up 4.37%, Nvidia ahead 1.81% and Advanced Micro Devices 2.71% higher.

Reopening play General Motors was also in the green, by 4.65%, while membership retailer Costco Wholesale advanced 0.79% after it posted better-than-expected sales for September.

Also boosting sentiment, weekly jobless claims in the US surprised to the downside last week, according to the Department of Labor, with initial unemployment claims for the week ended 2 October decreasing by 38,000 to 326,000.

Economists had been expecting a rise to 370,000.

The four-week moving average increased by 3,500 to 344,000, while secondary claims dropped by 97,000 to 2.71m.

Elsewhere on the macro front, Challenger, Gray & Christmas revealed that US-based employers had cut 17,895 jobs in September, a 14% jump from August's 24-year low.

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $404.70 2.65%
Dow Chemical Co. (DOW) $58.51 2.36%
Home Depot Inc. (HD) $337.48 2.16%
Nike Inc. (NKE) $151.85 2.05%
Caterpillar Inc. (CAT) $195.75 2.03%
Walgreens Boots Alliance, Inc. (WBA) $47.85 2.00%
Cisco Systems Inc. (CSCO) $55.02 2.00%
Visa Inc. (V) $230.55 1.78%
Merck & Co. Inc. (MRK) $81.94 1.59%
Travelers Company Inc. (TRV) $157.24 1.39%

Dow Jones - Fallers

Verizon Communications Inc. (VZ) $53.90 -1.16%
Amgen Inc. (AMGN) $209.12 -0.41%
International Business Machines Corporation (CDI) (IBM) $141.81 -0.39%
3M Co. (MMM) $177.80 -0.34%
Salesforce.Com Inc. (CRM) $274.58 -0.25%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Coca-Cola Co. (KO) $53.88 0.32%
Intel Corp. (INTC) $54.18 0.37%
McDonald's Corp. (MCD) $248.32 0.49%

S&P 500 - Risers

Freeport-McMoRan Inc (FCX) $34.32 8.23%
Ford Motor Co. (F) $14.89 5.45%
Nektar Therapeutics (NKTR) $16.84 4.47%
Borg Warner Inc. (BWA) $45.78 4.40%
Twitter Inc (TWTR) $63.97 4.37%
LKQ Corporation (LKQ) $51.96 4.27%
Hanesbrands Inc. (HBI) $17.08 4.08%
eBay Inc. (EBAY) $74.17 3.68%
Schlumberger Ltd. (SLB) $31.02 3.61%
Arconic Inc. (ARNC) $31.86 3.58%

S&P 500 - Fallers

Pinnacle West Capital Corp. (PNW) $68.19 -8.07%
Lamb Weston Holdings, Inc. (LW) $58.20 -6.64%
Perrigo Company plc (PRGO) $46.25 -4.68%
Norwegian Cruise Line Holdings Ltd (NCLH) $26.98 -2.21%
Kellogg Co. (K) $63.11 -2.00%
American Airlines Group (AAL) $20.17 -1.80%
Sempra Energy (SRE) $125.59 -1.71%
Citrix Systems Inc. (CTXS) $104.17 -1.69%
Carnival Corp. (CCL) $24.49 -1.65%
Becton, Dickinson & Company (BDX) $241.75 -1.43%

Nasdaq 100 - Risers

NetEase Inc. Ads (NTES) $96.06 8.29%
JD.com, Inc. (JD) $76.30 6.16%
Baidu Inc. (BIDU) $156.55 4.81%
eBay Inc. (EBAY) $74.17 3.68%
Take-Two Interactive Software Inc. (TTWO) $170.82 3.25%
Illumina Inc. (ILMN) $404.15 2.85%
Xilinx Inc. (XLNX) $158.07 2.75%
Electronic Arts Inc. (EA) $137.59 2.63%
Qurate Retail Inc. (QRTEA) $10.44 2.45%
Autodesk Inc. (ADSK) $283.02 2.02%

Nasdaq 100 - Fallers

American Airlines Group (AAL) $20.17 -1.80%
Citrix Systems Inc. (CTXS) $104.17 -1.69%
Facebook Inc. (FB) $329.22 -1.32%
T-Mobile Us, Inc. (TMUS) $123.18 -1.14%
Netflix Inc. (NFLX) $631.85 -1.13%
CSX Corp. (CSX) $32.18 -1.11%
Biomarin Pharmaceutical Inc. (BMRN) $77.14 -0.94%
Kraft Heinz Co. (KHC) $37.08 -0.72%
Mondelez International Inc. (MDLZ) $59.89 -0.51%
Vertex Pharmaceuticals Inc. (VRTX) $180.00 -0.50%

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