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US close: Stocks resume December rally

(Sharecast News) - Wall Street stocks resumed their recent rally on Thursday after registering some heavy losses in the previous session. At the close, the Dow Jones Industrial Average was up 0.87% at 37,404.35, while the S&P 500 advanced 1.03% to 4,746.75 and the Nasdaq Composite saw out the session 1.26% firmer at 14,963.87.

The Dow closed 322.35 points higher on Thursday, reclaiming some of the previous session's losses.

Yesterday's losses came as investors indulged in a little bit of profit-taking, leading to the worst single-day drop since October and snapping the blue-chip's winning streak at nine-straight sessions.

In focus on Thursday, Treasury yields continued to fall from recent highs, with the benchmark ten-year note hitting its lowest level since July before regaining some ground to sit at 3.885%.

On the macro front, the US economy grew less than previously estimated in the third quarter, according to figures released on Thursday by the Commerce Department. GDP for July to September was revised down to 4.9% from 5.2% in the second estimate. Economists were expecting growth to be unrevised.

Elsewhere, Americans lined up for unemployment benefits at an accelerated clip in the week ended 16 December but remained near the previous week's two-month low. According to the Labor Department, initial jobless claims rose by 2,000 to 205,000 last week, well below consensus expectations of 215,000 and underscoring relative tightness in the US labour market. Continuing claims fell by 1,000 in the first week of December to 1.86m, firmly below market expectations of 1,88m, while the four-week moving average, which aims to strip out week-to-week volatility, fell by 1,500 to 212,000.

On another note, the downturn in manufacturing activity in the Philadelphia region worsened more than expected in December, according to the Philadelphia Federal Reserve. The Manufacturing Business Outlook Survey found that the current general activity index dropped to -10.5 this month, from -5.9 in November. This was the index's 17th reading below zero in the past 19 months and significantly below the -3.0 level expected by economists.

Finally, the Kansas Federal Reserve's manufacturing activity index slipped from November's reading of -3 to -4 in December as a decline in activity for durable goods offset an increase in activity for non-durable goods, specifically food and beverage and plastics manufacturing,

In the corporate space, Micron shares traded higher after beating Wall Street expectations with its first-quarter numbers, while Salesforce got a boost from an upgrade by analysts at Morgan Stanley.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $47.09 2.91% Walgreens Boots Alliance, Inc. (WBA) $26.10 2.76% Salesforce.Com Inc. (CRM) $267.28 2.70% American Express Co. (AXP) $185.10 2.46% 3M Co. (MMM) $105.53 1.79% Amgen Inc. (AMGN) $279.46 1.56% Johnson & Johnson (JNJ) $154.97 1.11% Merck & Co. Inc. (MRK) $106.44 1.03% Visa Inc. (V) $259.65 0.99% Travelers Company Inc. (TRV) $185.57 0.94%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $49.73 -0.14% Dowdupont Inc. (DWDP) $0.00 0.00% Apple Inc. (AAPL) $194.84 0.00% Home Depot Inc. (HD) $349.02 0.10% Caterpillar Inc. (CAT) $290.08 0.13% Procter & Gamble Co. (PG) $144.22 0.22% Chevron Corp. (CVX) $150.70 0.30% Verizon Communications Inc. (VZ) $37.45 0.40% International Business Machines Corporation (CDI) (IBM) $160.79 0.46% JP Morgan Chase & Co. (JPM) $167.47 0.55%

S&P 500 - Risers

Micron Technology Inc. (MU) $85.54 8.71% VF Corp. (VFC) $19.22 7.13% Cintas Corp. (CTAS) $589.93 6.55% Western Digital Corp. (WDC) $52.42 6.09% Carnival Corp. (CCL) $19.17 6.06% Hanesbrands Inc. (HBI) $4.16 5.58% Norwegian Cruise Line Holdings Ltd (NCLH) $20.97 5.51% Royal Caribbean Cr (RCL) $127.19 5.28% Carmax Inc. (KMX) $78.51 5.13% Bread Financial Holdings, Inc. (BFH) $34.10 4.81%

S&P 500 - Fallers

Paychex Inc. (PAYX) $119.00 -6.93% Westrock Company (WRK) $41.91 -2.35% Aon plc (AON) $288.27 -1.99% HF Sinclair Corporation (DINO) $56.87 -1.69% Automatic Data Processing Inc. (ADP) $229.01 -1.39% Simon Property Group Inc. (SPG) $142.19 -1.33% Raymond James Fin Corp. (RJF) $111.00 -0.98% Vornado Realty Trust (VNO) $29.55 -0.81% Dominion Energy Inc. (D) $46.82 -0.76% FMC Technologies Inc. (FTI) $20.05 -0.67%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $85.54 8.71% Cintas Corp. (CTAS) $589.93 6.55% Western Digital Corp. (WDC) $52.42 6.09% JD.com, Inc. (JD) $28.00 5.96% Baidu Inc. (BIDU) $117.63 5.75% Sirius XM Holdings Inc (SIRI) $5.48 4.78% Align Technology Inc. (ALGN) $274.19 4.62% Seagate Technology Plc (STX) $85.31 4.23% Expedia Group Inc. (EXPE) $154.55 4.10% Qurate Retail Inc. (QRTEA) $0.88 4.01%

Nasdaq 100 - Fallers

Paychex Inc. (PAYX) $119.00 -6.93% Automatic Data Processing Inc. (ADP) $229.01 -1.39% Comcast Corp. (CMCSA) $44.03 -0.38% Cisco Systems Inc. (CSCO) $49.73 -0.14% Dollar Tree Inc (DLTR) $134.33 -0.06% Regeneron Pharmaceuticals Inc. (REGN) $841.51 -0.03% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $477.57 0.00% Celgene Corp. (CELG) $0.00 0.00% Xilinx Inc. (XLNX) $0.00 0.00% Activision Blizzard Inc. (ATVI) $94.42 0.00%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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