S&P Looks to End 5-Session Losing Streak
December 08,2022 10:40 am EST
Stocks opened higher Thursday as the S&P 500 attempted to break a five-day losing streak and Wall Street evaluated the likelihood of a recession ahead.
The Dow Jones Industrials roared ahead 257.50 points to 33,855.42, bolstered by gains from Chevron and Boeing.
The S&P 500 hiked 32.18 points to 3,966.10.
The NASDAQ recovered 125.38 points, or 1.2%, to 11,083.93.
Exxon rose 2% as the oil giant lifted its buybacks, while Chevron gained on a higher capital spending budget. GameStop rose 9% after posting earnings.
Investor attention remains laser-focused on next week''s Federal Reserve policy meeting, where the central bank is widely expected to issue a 50 basis point interest rate hike. It''s a smaller increase than the prior four rate hikes, but may do little to alleviate recession fears as the Fed attempt to squash surging prices. Next week''s November consumer price index should also provide more clarity on the direction of inflation.
Jobless claims showed a slight bounce higher last week to 230,000, which was exactly in line with the Dow Jones estimate, the U.S. Labor Department said Thursday.
Prices for the 10-year Treasury fell, raising yields to 3.47% from Wednesday''s 3.42%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.13 to $73.14 U.S. a barrel.
Gold prices brightened $6.20 to $1,804.20 U.S. an ounce.