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Markets Edge Higher as Jobless Claims Beat Expectations

MarketDash Editorial Team
1 day ago
U.S. stocks opened Wednesday in positive territory, with the Dow climbing over 100 points as jobless claims data came in better than expected. Consumer staples led sector gains while communication services lagged, and individual stocks saw dramatic swings on company-specific news.

U.S. markets started Wednesday on an upbeat note, with all three major indices climbing after the opening bell. The Dow Jones advanced 0.28% to 48,576.79, leading the pack with gains exceeding 100 points. The S&P 500 rose 0.15% to 6,920.17, while the NASDAQ edged up a modest 0.02% to 23,567.10.

The positive market sentiment got a boost from labor market data that came in stronger than anticipated. Initial jobless claims declined by 10,000 from the previous week to 214,000 in the week ending December 20. That figure handily beat market estimates of 223,000, suggesting continued resilience in the employment picture.

Sector Performance: Staples Lead, Communications Stumble

On the sector front, consumer staples emerged as the clear winner, climbing 0.6% as investors rotated into defensive plays. Communication services stocks, meanwhile, slipped 0.2%, making it the session's laggard.

Big Individual Movers

While the broader market saw modest gains, individual stocks experienced wild swings. Sobr Safe Inc (SOBR) rocketed 116% to $2.81, leading the day's gainers.

Multi Ways Holdings Ltd (MWG) surged 84% to $0.46 after reporting year-over-year improvement in first-half earnings results. Omeros Corp (OMER) jumped 73% to $15.13 following FDA approval of YARTEMLEA for treating hematopoietic stem cell transplant-associated thrombotic microangiopathy.

On the downside, Picocela Inc (PCLA) plunged 33% to $0.24. Citius Pharmaceuticals Inc (CTXR) fell 31% to $0.72 despite reporting better-than-expected fourth-quarter earnings, a reminder that sometimes beating expectations isn't enough. Sonim Technologies Inc (SONM) declined 22% to $3.87.

Commodities and Global Markets

In commodity trading, oil edged up 0.3% to $58.58 while gold also gained 0.3%, reaching $4,516.90. Silver showed more strength, climbing 1.3% to $72.030, and copper rose 1.5% to $5.6360.

European markets closed mostly higher, with the eurozone's STOXX 600 advancing 0.1%. Spain's IBEX 35 Index rose 0.1%, Germany's DAX 40 gained 0.2%, and France's CAC 40 climbed 0.2%. London's FTSE 100 bucked the trend, slipping 0.1%.

Asian markets wrapped Wednesday with mixed results. Japan's Nikkei 225 and India's BSE Sensex both fell 0.14%, while Hong Kong's Hang Seng edged up 0.17% and China's Shanghai Composite rose 0.53%.

Back to Stock Market News

Markets Edge Higher as Jobless Claims Beat Expectations

MarketDash Editorial Team
1 day ago
U.S. stocks opened Wednesday in positive territory, with the Dow climbing over 100 points as jobless claims data came in better than expected. Consumer staples led sector gains while communication services lagged, and individual stocks saw dramatic swings on company-specific news.

U.S. markets started Wednesday on an upbeat note, with all three major indices climbing after the opening bell. The Dow Jones advanced 0.28% to 48,576.79, leading the pack with gains exceeding 100 points. The S&P 500 rose 0.15% to 6,920.17, while the NASDAQ edged up a modest 0.02% to 23,567.10.

The positive market sentiment got a boost from labor market data that came in stronger than anticipated. Initial jobless claims declined by 10,000 from the previous week to 214,000 in the week ending December 20. That figure handily beat market estimates of 223,000, suggesting continued resilience in the employment picture.

Sector Performance: Staples Lead, Communications Stumble

On the sector front, consumer staples emerged as the clear winner, climbing 0.6% as investors rotated into defensive plays. Communication services stocks, meanwhile, slipped 0.2%, making it the session's laggard.

Big Individual Movers

While the broader market saw modest gains, individual stocks experienced wild swings. Sobr Safe Inc (SOBR) rocketed 116% to $2.81, leading the day's gainers.

Multi Ways Holdings Ltd (MWG) surged 84% to $0.46 after reporting year-over-year improvement in first-half earnings results. Omeros Corp (OMER) jumped 73% to $15.13 following FDA approval of YARTEMLEA for treating hematopoietic stem cell transplant-associated thrombotic microangiopathy.

On the downside, Picocela Inc (PCLA) plunged 33% to $0.24. Citius Pharmaceuticals Inc (CTXR) fell 31% to $0.72 despite reporting better-than-expected fourth-quarter earnings, a reminder that sometimes beating expectations isn't enough. Sonim Technologies Inc (SONM) declined 22% to $3.87.

Commodities and Global Markets

In commodity trading, oil edged up 0.3% to $58.58 while gold also gained 0.3%, reaching $4,516.90. Silver showed more strength, climbing 1.3% to $72.030, and copper rose 1.5% to $5.6360.

European markets closed mostly higher, with the eurozone's STOXX 600 advancing 0.1%. Spain's IBEX 35 Index rose 0.1%, Germany's DAX 40 gained 0.2%, and France's CAC 40 climbed 0.2%. London's FTSE 100 bucked the trend, slipping 0.1%.

Asian markets wrapped Wednesday with mixed results. Japan's Nikkei 225 and India's BSE Sensex both fell 0.14%, while Hong Kong's Hang Seng edged up 0.17% and China's Shanghai Composite rose 0.53%.