Stocks close higher in year-end rally. Nasdaq adds more than 2%; European markets close higher after clawing back earlier losses
Stocks jumped on Thursday as investors headed into the final trading days of 2022. The Dow Jones Industrial Average rose 345.09 points, or 1.05%, to 33,220.80, recovering nearly all of its losses from the previous session. The S&P 500 gained 1.75% to close at 3,849.28, and the Nasdaq Composite climbed 2.59% to 10,478.09.
The Dow and S&P are slightly higher for the week, by 0.05% and 0.12%, respectively. The Nasdaq is on track for a 0.19% loss.
The market pushed higher early Thursday after the Labor Department reported an increase in jobless claims from last week, amid Federal Reserve efforts to cool the economy and in particular the labor market.
First-time filings for unemployment benefits totaled 225,000 for the week ended Dec. 24, according to the report. That was an increase of 9,000 from the previous week and slightly above the 223,000 estimate from Dow Jones.
Netflix (NASDAQ:NFLX), meanwhile, jumped 5% after CFRA upgraded the stock to 'buy' from 'sell' and lifted its price target to $310 from $225, saying it would be difficult for competitors to catch up with streaming giant as its "one of the few profitable streaming providers with global scale."
Tesla (NASDAQ:TSLA), up 8%, continued to claw back losses as some on Wall Street flagged several key milestones that the electric vehicle manufacturer's chief executive Elon Musk needs to achieve to lift sentiment on the stock.
The pan-European Stoxx 600 index closed up 0.7%, having clawed back opening losses of around 0.5%. Most sectors and major bourses were up, with tech stocks adding 2% to lead gains. Mining stocks bucked the trend and dropped 0.4%.
Source: CNBC, Investing.com