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US Stock Market Overview – Stocks Rise to All-time Highs

David Becker
·1 min read

 

US stocks closed at all-time highs on Thursday; mixed data kept rates low and the dollar soft. Most S&P 500 index sectors were higher led by Healthcare, Energy, and Communication shares bucked the trend. The Food and Drug administration approved the Moderna vaccine the second vaccine approved to fight the US’s coronavirus.  Federal Express reported better than expected earnings and revenue. Jobless claims rose more than expected while housing starts continue to show robust gains.

Federal Express Beat Expectations

FedEx reported better than expected fiscal second-quarter 2021. The company reported earnings per share of $4.83 versus expectations of $4.01. Revenue came in at $20.6 billion expectations of $19.45 billion. Average daily package volume for FedEx Ground, which runs e-commerce deliveries, climbed 29% to 12.3 million, and revenue per package jumped 7% to $9.24 for the quarter.

Jobless Claims Rise more than Expected

Jobless claims rose by 885,000 in the week ending December 12, the most since September 5. Expectations were for claims to fall to 808,000. Initial claims for the previous week were revised higher by 9,000 to 862,000.

US Housing Starts Rose

According to the Commerce Department, housing starts rose 1.2% an annual rate of 1.547 million units last month. That lifted homebuilding closer to its pace of 1.567 million units in February. Expectations were for housing starts to remain stable at 1.530 million units in November. Homebuilding surged 12.8% on a year-on-year basis. Permits for future homebuilding raced 6.2% to a rate of 1.639 million units in November.

This article was originally posted on FX Empire

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