All three major averages posted green on Thursday, with a reversal in technology and a better than expected weekly jobless claims number filling the fiscal cliff void. Speaking of which, 26 days and counting….The blue chips and S&P both advanced for the second consecutive day. The Dow Jones Industrial Average added 39.55 points, or 0.3%, at 13,074.04. The S&P 500 index rose 4.66 points, or 0.3%, to 1,413.94, with technology the best performing and utilities the worst of the 10 major industry groups. Halting a four-session losing streak, the Nasdaq Composite climbed 15.57 points, or 0.5%, to 2,989.27. Tomorrow’s premarket will bring us the November Employment Situation, which has gone under the radar.
Crude oil for January delivery fell $1.62, or 1.8%, to settle at $86.26 a barrel on the New York Mercantile Exchange, settling at a three week low after three consecutive losing sessions. Gold added $8, or 0.5%, to settle at $1,701.80 an ounce.
Economic Rundown
Weekly jobless claims posted a larger than expected decline, the third suchdrop bringing us back to pre-Hurricane Sandy levels. Initial jobless claims fell 25,000 in the December 1 week to 370,000, 10K below consensus estimates. The week prior was revised up 2K. All signs point to a soft employment report tomorrow.
