Wall St. winds up lower, but still en-route to post large annual gain
by SOURAV D | VIEW 1553
On Thursday, all three key indices of Wall Street had wrapped up the session lower despite chartering most parts of the day in an affirmative territory, as a pre-holiday profit-taking wave appeared to have prompted investors to jump on the bandwagon of a sell-off breeze. Nonetheless, both S&P 500 and Dow had spiked to a record-closing high before retreating later in a holiday-thinned trading session. Nevertheless, in the day’s large-scale gains in the Wall Street was almost entirely galvanized by a strong weekly initial jobless claims data that appeared to have tuned up the tone of a robust year-end while affirming a persistent influx of consumer spending into the economy deeper into 2022, as US economy appears to be closing in on a maximum employment with initial jobless claims hovering below a pre-pandemic level.
On top of that, continuing claims tumbled to 1.7 million for the first time since March 7, 2020 over the week that ended on December 18. Earlier in the day, the US Labor Department data had unveiled that US weekly initial jobless claims had dipped below a 200,000 level, beating an analysts’ estimate of 205,000 applications while spurring up hopes of a quicker-than-anticipated economic recovery.
Wall St. ends lower, but scores gargantuan annual gains
Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow tumbled 23 per cent to 36,403.41 and tech-heavy Nasdaq was nudged 0.16 per cent lower to 15,741.56, while Wall Street bellwether S&P 500 shed 0.29 per cent to 4,779.81.
Besides, ahead of Friday’s trading session, which would wind up an eventful 2021 in the Wall Street that had witnessed a maverick upswing amid the dooms of pandemic collapse despite sporadic upsurge in cases in many parts of the United States, S&P 500 and Dow gained 27 per cent and 20 per cent in the year respectively, while Nasdaq jumped 23 per cent.