US Continuing Claims At The Highest In 3 Years – US Market Wrap
Stocks wavered in a quiet post-holiday session as mixed jobless claims data did little to alter bets on the Federal Reserve outlook.
Equities struggled to gain much traction after a rally that sent the S&P 500 to its the best Christmas Eve performance since 1974, according to data compiled by Bespoke Investment Group. With major European markets closed, volume in the US equity gauge was well below the average of the past month.
Wall Street took the latest economic reading in stride. Recurring applications for US unemployment benefits rose to the highest in more than three years, adding to signs that it is taking longer for out-of- work people to find a job. Initial claims, meanwhile, ticked down to 219,000 in the week ended Dec. 21.
The yield on 10-year Treasuries dropped one basis point to 4.58%. The Dollar Index rose 0.1%. Bitcoin sank as traders reduced their risk exposure after a record-breaking run.
