4:15 pm: Rally this week continues Thursday
The Dow closed Thursday up 332 points, 1.1%, at 31,056, making gains for the fourth consecutive day. The Nasdaq Composite rose 167 points, 1.2%, to 13,778, and the S&P 500 improved 42 points, 1.1%, to 3,872, a record closing high.
Among those making gains was eBay Inc (NASDAQ:EBAY), which gained 5.3% to $61.12 after the company beat revenue and earnings expectations.
12:15 pm: Apple jumps on driverless car reports
In the US, the Dow was up 262 points, 0.9%, to 30,985.5 at midday. The Nasdaq climbed 98 points, 0.7%, to 13,709, and the S&P 500 improved 28 points, 0.7%, to 3,859.
"Equities are showing modest gains as the mood is being helped by hopes the US government will provide assistance to the economy by pursuing a stimulus plan," CMC Markets UK analyst David Madden wrote. "Also aiding the mood is the positive jobs data. The jobless claims reading fell from 812,000 to 779,000 – it’s lowest in two months. Continuing claims were 4.59 million, down from 4.78 million."
Apple Inc (NASDAQ:AAPL) is up 1.6% to $136.14 on news that the tech titan is nearing a deal with Hyundai-Kia to make driverless cars, CNBC reported.
10:35 am: Proactive North America headlines:
Victory Square Technologies (CSE:VST) (OTCMKTS:VSQTF) completes acquisition of mobile health provider IV Hydreight in US$1.6 million deal
Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLYF) (FRA:CCY) scales up drill program at H1 site in Sri Lanka
Predictmedix Inc (CSE:PMED) (OTCQB:PMEDF) to deploy its Safe Entry Stations at this weekend's Super Bowl festivities in Tampa
Loop Insights Inc (CVE:MTRX) (OTCQBRACMF) enters first pure e-commerce pilot with leading UK online electronics retailer
Talon Metals Corp (TSE:TLO) (OTCMKTS:TLOFF) (FRA:TAO) hails latest PEA on giant US nickel project, which shows robust economics
GSRX Industries Inc (OTCPINK:GSRX) to open 'virtual delivery only restaurant' in State College, Pennsylvania next month
O3 Mining Inc (CVE:OIII) (OTCMKTS:OQMGF) makes new gold discovery at Golden Bridge area of Marban project, which could become new open pit resource
Soma Gold Corp (CVE:SOMA) (OTCMKTS:PRSRF) sees potential for stronger economics after Cordero-Balvina mine project drilling
LeanLife Health Inc (CSE:LLP) (OTCPINK:LHLNF) (FRA:LL1) inks management consulting deal with Big Venture Sales to start online sales of Mike Tyson-branded Iron Energy
Nemaura Medical Inc (NASDAQ:NMRD) makes second management appointment of the week, naming Thomas Mortensen as head of EU commercial operations and marketing
9:40 am: Wall Street stocks in green
Wall Street’s main indices managed to start in the green on Thursday after US jobless claims for the last week of January came in lower than expected, lifting hopes that the economy could be recovering better than expected.
Shortly after the opening bell, the Dow Jones Industrial Average was up 0.3% at 30,815 while the S&P 500 climbed 0.35% to 3,843 and the Nasdaq rose 0.5% to 13,678.
The more optimistic start followed news that in the week to January 30, 779,000 Americans filed for unemployment benefits, down from 847,000 the week before and well below analyst estimates of 830,000. The number marks the lowest level of jobless claims since November, however, it remains elevated indicating that the coronavirus (COVID-19) pandemic is still dragging on the US economy.
“The dip in jobless claims is a pleasant surprise, and it reinforces our view that the trend in claims has levelled-off, after rising last year when the Covid third wave triggered restrictions on activity. The turn-of-the-year seasonal noise has now faded, so we expect claims now gradually to fall as some states begin to reopen parts of the services sector. Further openings will follow over the next few months, provided the more infectious Covid variants don’t drive cases back up before vaccinations begin meaningfully to slow the spread”, said Ian Shepherdson at Pantheon Macroeconomics.
7:45 am: Wall Street heads for mixed open
The main indices on Wall Street seem set to open on a mixed footing on Thursday ahead of jobless claims data later.
Spread-betters IG expect the Dow Jones Industrial Average to start around 20 points lower while the Nasdaq is predicted to open up 42 points. The S&P 500, meanwhile, is forecast to open almost flat.
The mixed picture may mean investors are looking to hold fire somewhat ahead of Friday’s jobs figures, which will provide some more information on the pace of the US economic recovery into early 2021. In this vein, today’s jobless claims figures for the final week of January will also provide some clarity.
Analysts are predicting around 830,000 Americans filed for unemployment benefits last week, down from 847,000 the week before. Continuing claims, meanwhile, are expected to fall to 4.7mln from 4.77mln.
Meanwhile, US earnings season continues to roll on, with numbers due today from telecoms giant T-Mobile US Inc (NASDAQ:TMUS) and pharmaceuticals firm Bristol-Myers Squibb Co (NYSE:BMY).
Also in the limelight will be yet another tech brand, Snapchat owner Snap Inc (NYSE:SNAP), which will be looking to cap off what has been a mostly strong performance among the big tech firms this week.
Four things to watch for on Thursday:
- Shares in pharma giant Merck & Co Inc (NYSE:MRK) are likely to draw focus after the company reported earnings that saw profits miss forecasts but revenues beat estimates
- Other firms in the diary include tobacco firm Philip Morris International Inc (NYSE:PM), video game publisher Activision Blizzard Inc (NASDAQ:ATVI) and biopharma Gilead Sciences Inc (NASDAQ:GILD)
- Also on the radar is the Dogecoin crypto, which surged in value this morning following a flurry of supportive tweets from Tesla Inc (NASDAQ:TSLA) CEO Elon Musk
- Meanwhile, Amazon Inc (NASDAQ:AMZN) could also be back in focus after the company announced its fleet of electric delivery vehicles have finally hit the streets of LA