Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets closed higher; S&P snaps four-day losing streak

08-Dec2017

US markets closed higher; S&P snaps four-day losing streak

The US markets closed higher on Thursday, with the S&P 500 snapping a four-session losing streak on the back of gains in the technology, industrials and materials sectors. Traders focused on continued progress on tax legislation and looked ahead to the monthly jobs report due Friday. Both the House and Senate have passed their own versions of the tax bill and now the two needs to bridge their differences and agree on a final bill for President Donald Trump to sign. The Republican-led Senate agreed to begin formal negotiations with the House, spurring hopes the final tax overhaul will be completed by a self-imposed deadline of December 22.

On the economy front, initial US jobless claims, a way to measure layoffs, fell by 2,000 to 236,000 in the seven days ended December 2. The more stable monthly average of claims slipped by 750 and stood at 241,500. The number of people already collecting unemployment benefits, known as continuing claims, declined by 52,000 to 1.91 million. The number of Americans applying for unemployment benefits each week has settled around 230,000, reflecting the strongest US labor market since Bill Clinton was president. New claims are still elevated in Puerto Rico a few months after the island was devastated by Hurricane Maria, but it's only had a tiny effect on overall US claims.

Meanwhile, consumer borrowing surged in October by the largest amount in 11 months. Total consumer credit increased $20.5 billion in October to a record seasonally adjusted $3.8 trillion, posting an annual growth rate of 6.5%. This is the second straight strong monthly gain in consumer borrowing. Credit rose a revised $19.2 billion in September, down only slightly from the prior estimate of a $20.8 billion. Revolving credit, which is mostly made up of credit-card loans, accelerated to an annual rate of 9.9% in October, faster than the 7.3% gain in September. Non-revolving credit, which covers loans for education and cars, rose at an annual rate of 5.3% in October, slightly slower than the 5.7% rate in September.

The Dow Jones Industrial Average added 70.57 points or 0.29 percent to 24,211.48, the Nasdaq gained 36.466 points or 0.54 percent to 6,812.84, while the S&P 500 edged higher by 7.71 points or 0.29 percent to 2,636.98. 



Related News

View all news

US markets end higher on trade optimism

The US markets ended higher on Wednesday as traders keep up hope that the US and China will make progress on resolving their trade dispute. The strength on markets came in after President Donald Trump......

US markets end mostly lower on Tuesday

The US markets ended mostly lower on Tuesday after a contentious fight between President Donald Trump and Democratic leadership over border security. Trump threatened to shut down the government if more......

US markets end marginally higher on Monday

The US markets ended marginally higher on Monday as traders went bargain hunting after the early weakness extended the sell-off seen last week. Further, some support also came in as renewed confidence......

Top News

View all news

Patels Airtemp receives settlement notice from SEBI

Patels Airtemp (India) has received from SEBI, Summary Settlement Notice vide its Letter dated December 12, 2018 for settlement amount of Rs 3,68,156 against violation of Regulation 7(2)(b) of SEBI (Prohibition......

IndiGo in initial discussion with Qatar, Turkish Airlines for global expansion: Report

In order to increase its global footprint, InterGlobe Aviation (IndiGo) is reportedly in preliminary discussion with Qatar Airways and Turkish Airlines. The Budget carrier is looking for interline and......

Talwalkars Lifestyles integrates with Growfitter

Talwalkars Lifestyles has integrated with Growfitter to introduce the country's first ever AI (Artificial Intelligence) based Incentivized Wellness Program. The Growfitter FITKIT Program is a technologically......