Dow Jones Surges 200 Points; Financial Shares Rise, US Services PMI Edges Higher In December Dow Jones Surges 200 Points; Financial Shares Rise, US Services PMI Edges Higher In December

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By Ronald Tech


U.S. stocks traded mostly higher midway through trading, with the Dow Jones index gaining around 200 points on Thursday.

The Dow traded up 0.55% to 37,635.05 while the NASDAQ rose 0.05% to 14,599.10. The S&P 500 also rose, gaining, 0.28% to 4,718.19.

 

Market Performance

Financial shares rose by 0.8% on Thursday.

In trading on Thursday, energy shares fell by 0.6%.

US Services PMI

The S&P Global US Services PMI was revised higher to 51.4 in December versus a preliminary reading of 51.3.

Stock Movements

Dyne Therapeutics, Inc. DYN shares shot up 20% to $17.79. Dyne Therapeutics announced an underwritten public offering of $175 million of common stock.

Shares of Omega Therapeutics, Inc. OMGA got a boost, surging 104% to $5.58 after Novo Nordisk entered into a research collaboration with the company.

Avenue Therapeutics, Inc. ATXI shares were also up, gaining 59% to $0.2794 after the company announced it reached a final agreement with the FDA for the Phase 3 safety study for IV tramadol.

Commodities

In commodity news, oil traded down 1.1% to $71.91 while gold traded up 0.4% at $2,051.80.

Silver traded up 0.1% to $23.185 on Thursday while copper fell 0.7% to $3.8360.

Euro Zone and Asia Pacific Markets

European shares were higher today. The eurozone’s STOXX 600 rose 0.60%, London’s FTSE 100 rose 0.46% while Spain’s IBEX 35 Index rose 1.23% The German DAX rose 0.40% French CAC 40 rose 0.48% while Italy’s FTSE MIB Index gained 0.91%.

The HCOB Eurozone services PMI was revised higher to 48.8 in December versus a preliminary reading of 48.1. The HCOB France services PMI climbed to 45.7 in December, recording the highest reading in four months, while German services PMI rose to 49.3 in December versus a preliminary estimate of 48.4.

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Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 falling 0.53%, Hong Kong’s Hang Seng Index falling 0.01% and China’s Shanghai Composite Index falling 0.43%. India’s S&P BSE Sensex, meanwhile, rose 0.67%.

Economics

U.S.-based employers announced plans to reduce 34,817 jobs in December.

Private businesses in the U.S. added 164,000 workers in December versus a revised 101,000 gain in November and topping market estimates of 115,000.

U.S. initial jobless claims fell by 18,000 to 202,000 in the final week of 2023, compared to market estimates of 216,000.

The S&P Global US Services PMI was revised higher to 51.4 in December versus a preliminary reading of 51.3.

The S&P Global composite PMI edged lower to 50.9 in December versus a flash reading of 51.0.

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