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Market Wrap: Stocks, Bonds, Commodities
On Thursday, U.S. stocks posted a sharp rally. The Dow Jones Industrial Average climbed 345 points (+1.05%) to 33,220, the S&P 500 rose 66 points (+1.75%) to 3,849, and the Nasdaq 100 jumped 271 points (+2.54%) to 10,951.
U.S. data showed that the latest number of initial jobless claims rose to 225,000 (vs 220,000 expected).
The U.S. 10-year Treasury yield retreated 5.7 basis points to 3.826%.
Automobiles (+6.95%), semiconductors (+3.09%), and media (+3.02%) sectors led the market higher.
Tesla (TSLA) rebounded a further 8.08% after Morgan Stanley maintained its rating on the stock as "overweight".
Read next: 2023 predictions: All in all I forecast the S&P to fall 5% on the year but the Nasdaq will fall 10% says Ivan Brian, Chief Equity Analyst at FXStreet | FXMAG.COM
Apple (AAPL) rose 2.83%, Amazon.com (AMZN) gained 2.88%, Alphabet (GOOGL) climbed 2.82%, Meta Platforms (META) advanced 4.01%, and Netflix (NFLX) was up 5.14%.
European stocks also closed higher. The DAX 40 rose 1.05%, the CAC 40 gained 0.97%, and the FTSE 100 was up 0.21%.
U.S. WTI crude futures declined $0.56 to $78.40 a barrel. The U.S. Energy Department reported an addition of 718,000 barrels in crude-oil stockpiles (vs -1.52 million barrels expected).
Gold price rebounded $10 to $1,814 an ounce.
Market Wrap: Forex
The U.S. dollar softened against other major currencies. The dollar index declined to 103.90.
EUR/USD rose 55 pips to 1.0667. Eurozone data showed that M3 money supply grew 4.8% on year in November (as expected, vs +5.1% in October).
USD/JPY dropped 147 pips to 133.00.
GBP/USD added 48 pips to 1.2066.
AUD/USD increased 43 pips to 0.6780.
USD/CHF lost 62 pips to 0.9228, and USD/CAD was down 68 pips to 1.3540.
Bitcoin traded higher to $16,600.
Morning Trading
In Asian trading hours, USD/JPY slid further to 132.60.
Meanwhile, EUR/USD was little changed at 1.0660 while GBP/USD eased to 1.2045.
Gold edged up to $1,817.
Bitcoin was steady at $16,614.
Expected Today
U.K. Nationwide housing prices index is estimated to be down 1.0% on month in December.
In the U.S., December Chicago purchasing managers index is expected at 42.0.
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