Wall Street closed mixed on Thursday as market participants assessed labor market data and the 10-year Treasury yield, which reached its highest level since early May. The Nasdaq Composite and the S&P 500 ended in negative territory, while the Dow finished in positive territory.
You are watching: Stock Market News for Dec 27, 2024
The Dow Jones Industrial Average (DJI) rose 0.1% or 28.77 points to close at 43,325.80. Within the 30-stock index, 18 components ended in positive territory, while 12 ended in negative. The major gainer of the blue-chip index was Honeywell International Inc. HON after rising 1.3%. Honeywell currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq Composite declined 10.77 points or 0.1% to 20,020.36.
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The S&P 500 lost 0.04%, or 2.45 points, to end at 6,037.59. Five of the 11 broad sectors of the benchmark index closed in the red. The Consumer Discretionary Select Sector SPDR (XLY), the
Utilities Select Sector SPDR (XLU) and the Materials Sector SPDR (XLB) fell 0.4%, 0.2% and 0.2%, respectively.
The fear-gauge CBOE Volatility Index (VIX) increased 3.2% to 14.73.
On Dec. 26, the 10-year U.S. Treasury yield surged to 4.641%, its highest since early May. This rise was due to increasing market sentiment that the Federal Reserve will continue with the process of decreasing interest rates until 2025. The movement in yields also reflects broader economic uncertainties, with investors watching the Fed closely and the risks that may emerge in the global market in early 2025.
The Labor Department said on Thursday that initial jobless claims fell to 219,000, decreasing 1,000 for the week ended Dec. 21. The previous week’s data remained the same at 220,000. The four-week moving average was 226,500, an increase of 1,000 from the previous week’s unrevised average of 225,500.
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Continuing claims (those who have already received government aid and reported a week behind) increased from 46,000 to 1.91 million for the week ended Dec. 14. This marked the highest level of insured unemployment since Nov. 13, 2021. The previous week’s level was revised downward by 10,000 to 1.864 million from 1.874 million reported earlier.
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