“There will be no stock reports Friday, 1 January as markets will be closed for the New Year Holiday. Happy New Year!” — Paul Ebeling
US claims for unemployment benefits fell to a 1-month low.
Initial jobless claims in regular state programs declined by 19,000 to 787,000 in the wk ended 26 December according to a Labor Department report Thursday. That was less than the 835,000 median estimate in a survey of economists, claims dropped by 31,736.
Continuing claims for state programs, which correlates to the total number of people receiving state unemployment benefits fell to 5.22-M in the wk ended 19 December Economists projected an increase to 5.37-M.
The decline in claims is a welcome sign, though the level remains elevated as economic fallout from The China Virus chaos continues.
While the aid/relief/stimulus package should cushion the blow of further shutdowns and closures.
Thursday, the benchmark US stock market indexes finished at: DJIA +196.92 at 30606.42, NAS Comp +18.28 at 12888.29, S&P 500 +24.03 at 3756.07
Volume: Trade on the NYSE came in at 80d7-M/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Very Bullish into January 2021.
- NAS Comp +43.6% YTD
- Russell 2000 +18.4% YTD
- S&P 500 +16.3% YTD
- DJIA +7.3% YTD
US based equity funds in the wk ended Wednesday, 30 December posted inflows of $354-M, according to the data.
Taxable bond funds attracted $9.527-B, the biggest inflow in 11 wks, while US money market funds drew cash in the amount of $15.32-B.
Looking Ahead: Investors will receive Construction Spending for November and the IHS Markit Manufacturing PMI for December Monday when the market reopens for the New Year.
Have a healthy Happy New Year, Keep the Faith!