Stocks gained on Thursday, one day after the Dow Jones Industrial Average hit a new record, as the U.S. government formally certified that President-elect Joe Biden will become the nation’s 46th commander in chief.
Many investors focusing on the incoming administration after President Trump committed to an orderly transition following the storming of Capitol Hill.
|I:DJI||DOW JONES AVERAGES||31038.44||+209.04||+0.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||13003.629473||+262.84||+2.06%|
The Dow Jones Industrial Average rose 130 points, a gain of 0.4%, while the tech-heavy Nasdaq rose 0.8%, after Wednesday’s sell-off. The broader S&P 500 also climbed, rising 0.7%.
Jobless claims unexpectedly fell, with first-time filers coming in at 787,000, compared to estimates of 800,000. Continuing claims came in at 5.07 million, below estimates of 5.2 million. On Wednesday, ADP said the U.S. lost 123,000 jobs in December, compared to expectations for a gain of 88,000, as the pandemic continues to ravage the economy.
SOCIAL MEDIA IN PLAY
Social media stocks Twitter and Facebook may see outsized attention on Thursday after both platforms, along with Facebook-owned Instagram, suspended President Trump’s account on Wednesday.
Twitter’s move came after the social media giant removed a video the president tweeted, in which he told protesters who had stormed the Capitol to “go home,” while maintaining that the 2020 election had been “stolen.”
ECONOMIC REPORTS IN THE SPOTLIGHT
A number of economic reports will be released on Thursday, including further looks at trade and the weekly natural gas inventory report.
The trade balance for November came in at -$68.1 billion, below the estimate of $65.2 billion according to analysts surveyed by Refinitiv.
Other key economic reports to be released on Thursday include ISM Non-Manufacturing Index and the weekly natural gas inventory report.
In other asset classes, bitcoin surged past the $37,000 level in morning trading.
Oil and gold also rose, with West Texas Intermediate crude oil climbing back above the $50-per-barrel level, while gold hit $1,917.10 an ounce.
Fox News’ Brooke Singman contributed to this story.