Market Snapshot: Dow up 300 points as jobless claims data deemed ‘welcome news for the Fed’

by | Dec 29, 2022 | Stock Market

U.S. stocks bounced back in early trading on Thursday, after the Nasdaq nearly hit a 30-month low a day earlier, as the market looked set to erase some of its recent losses on the second-to-last trading day of the year. The main indexes built on premarket gains after U.S. weekly jobless claims data showed the number of workers receiving benefits has climbed to the highest level since February, a sign that the Federal Reserve’s interest-rate hikes might be slowing economic growth and inflation.

How are stocks trading
The S&P 500
rose 58 points, or 1.5%, to 3,841.

Dow Jones Industrial Average
added 321 points, or 1%, to 33,197.

Nasdaq Composite
climbed 223 points, or 2.2%, to 10,436.

On Wednesday, the Dow Jones Industrial Average fell 366 points, or 1.1%, to 32876, the S&P 500 declined 46 points, or 1.2%, to 3783, and the Nasdaq Composite dropped 140 points, or 1.35%, to 10,213, its lowest closing level of the year. The S&P 500 is up more than 6% from its 2022 low hit in mid October, but the index remains down 20.1% for the year to date.What’s driving market …

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