Stocks continue to hit new record highs.
First, the scoreboard:
- Dow: 16,479.8 (+122.2, +0.7%)
- S&P 500: 1,842.0 (+8.7, +0.4%)
- Nasdaq: 4,167.1 (+11.7, +0.2%)
And now the top stories:
- There wasn't too much volatility in the markets as traders and investors are likely taking advantage of this slow holiday period to go do something else. Still, it's worth noting that the Dow and S&P closed at fresh all-time highs.
- Weekly initial unemployment claims fell to 338,000 during the week ended Dec. 21 from 380,000 during the week prior. This was lower than the 345,000 expected by economists. Lately, economists have been saying to not take any one week's report too seriously as heightened volatility and seasonal factors make it difficult to get a clean reading. "We continue to focus on the four-week moving average as a means to smooth through this volatility," said Barclays Michael Gapen noting that the average climbed to 348,000 from 344,000 last week. "The four-week average is likely to tick higher next week as the 305k print on initial jobless claims for the week ending November 30 drops out of the window of observations."
- According to Freddie Mac's weekly survey, the national average 30-year fixed-mortgage rate climbed to 4.48% from 4.47% a week ago. Rates have been climbing steadily since the spring, which was when the Federal Reserve first warned that it would begin to taper its quantitative easing program. As part of its tapering, which began in December, the Fed reduced its monthly purchases of mortgage bonds.
- UPS, the package delivery company, said it was unable to process certain parcels scheduled for delivery in time for Christmas because the volume exceeded capacity. Regardless of what it means for the company, it may be a sign that the U.S. consumer is spending more aggressively than expected.
- Tech darling Twitter continues to rally for no obvious reason. It was up 4.7% today. At $73 today, the company has a market value of over $40 billion.
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