Stock market news live updates: Stocks rise after five days of losses for S&...
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Stock market news live updates: Stocks rise after five days of losses for S&P 500
U.S. stocks rose Thursday morning as investors attempted to stymie this week's losing streak across equity markets from stretching into another day as rate jitters and recession chatter hamper a seasonally bullish period for Wall Street.
The S&P 500 (^GSPC) climbed 0.4% while the Dow Jones Industrial Average (^DJI) bounced 130 points, or also about 0.4%. The technology-focused Nasdaq Composite (^IXIC) advanced by the same margin.
Renewed concerns over a sustained span of higher interest rates ahead and the prospect of an economic downturn have led to a downbeat start to December, a historically positive month for stocks.
The benchmark S&P 500 registered its fifth consecutive losing day in Wednesday’s trade, bringing losses for the blue-chip index to 3.6% in the first seven days of the month so far. A 4.4% loss for the Nasdaq over the same time, meanwhile, marks its worst first week of December since 1975, per data from Bespoke Investment Group.
In other markets, U.S. Treasuries held steady after the 10-year yield slid below 3.5% to a nearly three-month low. Oil rose after the commodity plunged more than 10% this week to trade near year-ago levels. West Texas Intermediate (WTI) crude futures climbed nearly 3%. The rise comes after the Keystone oil pipeline system was shut down amid a leak into a creek in the Midwest.
Meanwhile, filings for unemployment insurance rose slightly last week. Initial jobless claims, the most timely snapshot of the labor market, came in at 230,000 for the week ended Dec. 3, an increase of 4,000 from the previous week's revised level, Labor Department figures showed Thursday.
On the corporate side, GameStope (GME) shares rose 3%, even as the meme stock favorite reported worse-than-expected quarterly earnings.
Shares of Rent the Runway (RENT) surged 20% after the company raised its full-year revenue forecast and reported results that beat Wall Street estimates. CEO Jennifer Hyman also said the company’s restructuring plan was "substantially complete" and will focus on "substantially improving cash burn" in the future.
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Stock market news today: Stocks rise after S&P 500 has worst week of 2023Here's what's moving markets on Monday, February 13, 2023. Yahoo Finance LIV...
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