Stock market today
S&P 500: 4,667.45,-33.76(-0.72%)
Dow 30: 35,754.69,-0.06(-0.00%)
Russell 2000: 2,222.99,-48.71(-2.14%)
Stock market news
“Markets closed mostly lower on Thursday, ending a mixed trading session that followed record-low initial jobless.
The S&P 500 posted a loss of -0.72% in afternoon trading, erasing gains from a recent rally that brought it near a record. The Nasdaq Composite also lost steam, falling 1.72% by 269.62 points to 15,517.37 to as tech stocks took a hit, while the Dow remained flat after choppy trading this week.
The stock moves on Thursday followed the release of fresh data from the U.S. labor department that showed the number of Americans filing initial jobless claims fell to the lowest level since September 1969. Weekly jobless claims fell to 184,000, below the pre-pandemic average of about 220,000 per week, pointing to a tightening labor market as employers seek to retain workers.
“The labor market is increasingly tight,” Principal Global Investors Chief Strategist Seema Shah told Yahoo Finance Live. “We can see clearly that there’s very strong demand for employment.”
Concerns around the Omicron variant have mostly eased among investors but remain a focal point in assessing the course of the pandemic and broader economic recovery.
“The Omicron variant has obviously been a key variable that contributed to the sell-off that we saw, and a lot of uncertainty remains around that, but our colleagues are so far thinking that while much is yet to be known, so far signs point to it not affecting the course of the pandemic dramatically, but obviously there is still a lot we need to hear there,” Bank of America senior U.S. equity strategist Jill Carey Hall told Yahoo Finance Live.
“If COVID gradually improves rather than a major resurgence in 2022, we expect to see a continued recovery in the U.S. economy—continued recovery in services spending,”
The U.S. Food and Drug Administration granted emergency use authorization of Pfizer Inc and BioNTech’s COVID-19 vaccine booster shot for those aged 16 and 17 as the CDC strengthens its recommendations for those who are eligible to get a third dose.”
Stock market data: Yahoo Finance