US close: Markets soar in post-Fed rally as oil futures settle in the red
US stocks advanced on Thursday, continuing the post-Fed rally regardless of the day’s mixed economic data.
Anadarko Petroleum Corp.
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General Motors Corp
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11:04 22/04/24
The Dow Jones Industrials rose 2.43% to 17,778.15 while the S&P 500 increased 2.4% to 2,061.23 and Nasdaq soared 2.47% to 4,267.77.
The Federal Reserve dropped the language that it would be a “considerable time” before rates would be raised from near-zero in Wednesday’s FOMC. However, Capital Economics said: “We still think that the unemployment rate is going to fall a lot faster over the next few months than Fed officials appreciate.
“Under those circumstances, it does not dissuade us that unexpectedly strong employment growth over the next few months could still prompt the Fed to hike rates next March, sooner than most others expect.
US initial jobless claims came in lower than imagined week-on-week for 13 December, at 289,000 compared with the consensus expectation of 295,000, but analysts seemed unconcerned.
Barclays Research said: “Continuing claims data lag initial jobless claims by one week, and last week’s one-off spike in continuing claims data is consistent with the calendar effects that boosted seasonally-adjusted initial claims data temporarily in recent readings.
“We continue to look for further improvements in labor market separations and expect claims data to trend lower over time.”
The US Philadelphia Fed Business Outlook also landed below consensus expectations month-on-month for December. Employment was recorded at 7.2, set against a previous figure if 22.4 this marked the lowest score since April.
Meanwhile, oil prices continued to drop as West Texas Intermediate crude futures dropped 3.577% to $54.52 while Brent crude futures declined 2.376% to $59.76. This slide came later in the day after an oscillating period where crude futures briefly rallied above $61 a barrel.
The dollar continued to weaken against the pound, but increased against the euro and the yen.
Over on COMEX, gold futures advanced by 0.35% to $1,198.8 per ounce.
In corporate news, General Motors gained 1.93% to 31.75 after suspending car delivery to Russian dealerships following the route crash.
Anadarko Petroleum increased by 3.07% to 81.01 amid volatile movement in the energy sector.
10-year US Treasury yields moved up seven basis points to 2.21%.
S&P 500 - Risers
Oracle Corp. (ORCL) $45.35 +10.18%
First Solar Inc. (FSLR) $45.21 +6.75%
Owens-Illinois Inc. (OI) $26.28 +6.70%
Kraft Foods Group, Inc. (KRFT) $63.38 +6.41%
Biogen Idec Inc. (BIIB) $353.70 +6.25%
Tenet Healthcare Corp. (THC) $51.30 +5.90%
Vertex Pharmaceuticals Inc. (VRTX) $117.74 +5.27%
Ensco Plc. (ESV) $29.91 +5.21%
Accenture Plc (ACN) $89.74 +5.21%
Adt Corp (ADT) $33.69 +5.08%
S&P 500 - Fallers
Tesoro Corp. (TSO) $71.38 -4.23%
Range Resources Corp. (RRC) $60.09 -2.97%
Ventas Inc. (VTR) $71.85 -1.91%
Windstream Holdings Inc (WIN) $8.75 -1.69%
Valero Energy Corp. (VLO) $47.07 -1.51%
XL Group Plc (XL) $33.16 -1.49%
ConAgra Foods Inc. (CAG) $36.58 -1.42%
QEP Resources Inc (QEP) $19.69 -1.10%
Baker Hughes Inc. (BHI) $55.77 -1.03%
Marathon Petroleum Corporation (MPC) $84.03 -0.83%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $47.52 +3.89%
International Business Machines Corp. (IBM) $157.68 +3.78%
Goldman Sachs Group Inc. (GS) $191.61 +3.56%
Cisco Systems Inc. (CSCO) $27.65 +3.13%
Unitedhealth Group Inc. (UNH) $102.24 +3.13%
American Express Co. (AXP) $93.17 +3.02%
3M Co. (MMM) $165.30 +2.93%
JP Morgan Chase & Co. (JPM) $61.48 +2.86%
Chevron Corp. (CVX) $109.03 +2.84%
E.I. du Pont de Nemours and Co. (DD) $72.23 +2.80%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
Kraft Foods Group, Inc. (KRFT) $63.38 +6.41%
Biogen Idec Inc. (BIIB) $353.70 +6.25%
Tesla Motors Inc (TSLA) $218.26 +6.04%
Vimpelcom Ltd Ads (VIP) $3.89 +5.99%
Vertex Pharmaceuticals Inc. (VRTX) $117.74 +5.27%
Cognizant Technology Solutions Corp. (CTSH) $53.45 +4.80%
NetApp Inc. (NTAP) $42.72 +4.58%
Wynn Resorts Ltd. (WYNN) $145.10 +4.41%
Autodesk Inc. (ADSK) $59.46 +4.30%
Western Digital Corp. (WDC) $112.36 +4.09%
Nasdaq 100 - Fallers
Starbucks Corp. (SBUX) $80.03 -0.50%
Amazon.Com Inc. (AMZN) $297.73 -0.38%