Fri, 04 Dec 2020

NEW YORK, New York - U.S. stocks were on a slippery slope early on Thursday after jobs data revealed a still-depressed economy, however talks of reviving a stimulus package by Congress saw a recovery late in the day.

The report from the Labor Department indicated 20.3 million people remained on unemployment benefits at the end of October, seven months after the pandemic hit the U.S.

"What was a decline in jobless claims numbers for the last couple of months has suddenly reversed course, so that only plays into the current theme of the economy getting worse," Kenny Polcari, managing partner at Kace Capital Advisors in Florida told the Reuters Thomson news agency Thursday.

At the close of trading Thursday the Dow Jones index was ahead 44.81 points or 0.15 percent at 29,483.23.

The Nasdaq Composite was the best performer, rising 103.11 points or 0.87 percent to 11,904.71.

The Standard and Poor's 500 gained 14.07 points or 0.39 percent to 3,581.86.

The U.S. dollar continued it's relentless slide, losing ground across the board. The euro powered up to 1.1876. The British pound rose to 1.3275. The Japanese yen was slightly stronger at 103.77. The Swiss franc firmed to 0.9105.

The Canadian dollar strengthened to 1.3059. The Australian dollar was only a fraction highr at 0.7295. The New Zealand dollar advanced a quarter cent to 0.6927.

On Asian markets, the Nikkei 225 slipped 93.80 points or 0.36 percent to 2,564.34.

The Australian All Ordinaries gained 16.20 points or 0.24 percent to 6,742.70.

The Hang Seng in Hong Kong declined 129.41 points or 0.49 percent to 26,414.34.

China's Shanghai Composite was trending in the opposite direction, falling 15.78 points or 0.47 percent, to close at 3,363.09.

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