US stocks rose on Thursday (8), as investors recovered from their current losing streak, spurred by the recession and fears of rising interest rates.
Dow Jones index closed at 184 points, or 0.6% higher. The S&P 500 gained 0.8%, while the Nasdaq Composite gained 1.1%.
Gains in semiconductor stocks such as Nvidia (NVDA) and Qualcomm (QCOM) boosted the information technology sector.
The energy sector also rose with Chevron (CVX), Exxon (XOM) and Halliburton (HAL) posting gains despite falling crude oil prices. Both Chevron (CVX) and Exxon (XOM) announced plans on Thursday to spend billions more on oil projects next year.
The gains follow five straight days of losses for the S&P 500, which fell 3.6% last week. The Nasdaq lost 4.4% over the same period, marking its worst first week in December since 1975, according to a report by Bespoke Investment Group.
Thursday’s jump came after Labor Department figures showed that jobless claims rose slightly last week, but were in line with estimates.
Investors are closely watching the job market for clues as to what the Federal Reserve (Fed) will do at its monetary policy meeting next week.
Market watchers expect a half-point hike in rates, but are unsure how long the central bank will continue its bullish campaign.
“A notable increase in jobless claims is evident compared to last spring’s cyclical lows,” said Jim Baird, CIO of Plante Moran Financial Advisors.
“Against this backdrop of a softer job market and with evidence that inflation indicators have likely peaked and are expected to continue to decline in the coming months, the Fed appears ready to also slow the pace of interest rate hikes, while continuing to to squeeze.”
More gains come after the bell Thursday with Costco (COST) and Lululemon (LULU) expected to report.
Source: CNN Brasil

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