Stocks rose on Thursday, but gave up some of their midday gains, as investors weighed results from a range of major companies along with new employment and GDP data. The Labor Department reported that both first-time and continuing unemployment claims fell from the prior week, and came in below consensus forecasts. Meanwhile, the Commerce Department said that the U.S. economy expanded at a 4.0% rate in 4Q, slightly below the consensus forecast of 4.2%. For the full year, the economy contracted at a 3.5% annualized rate - the first full-year decline since 2009. On the earnings front, McDonald's posted disappointing 4Q sales and earnings, with international comp sales down 7.4%, reflecting the impact of coronavirus lockdowns in Europe. Tesla shares fell 3% after the automaker posted mixed fourth-quarter results and failed to provide specific sales guidance for 2021. The Dow rose 0.99%, the S&P 0.98%, and the Nasdaq 0.50%. Crude oil fell to $52 per barrel, while gold fell $4 to $1845 per ounce.

Final Thoughts on Market Tendencies around the Election

Stocks rose on Wednesday morning, rebounding from a late-day selloff on Tuesday despite the continued fiscal stimulus stalemate in Washington. The Labor Department reported that consumer prices rose 0.6% in July, unchanged from the prior month but above the Reuters consensus forecast of 0.3% growth. Prices also rose 1.0% from the prior year, above the consensus of 0.8%. Moderna shares rose on news that the company had won a $1.5 billion vaccine supply contract with the U.S. government. The Dow rose 1.0%, the S&P 1.3%, and the Nasdaq 2.0%. Crude oil traded near $42 per barrel, while gold rose $3 to $1949 per ounce.

First-Quarter Review and Outlook for 2020