Market Overview

Lower oil prices and jobless claims: Wall Street closes higher ahead of Thanksgiving

lower oil prices and jobless claims

The US stocks close higher on Wednesday as Wall Street braces itself for the Thanksgiving holiday break as fresh economic reports get released. Weekly jobless claims saw the fall of ~24,000 in comparison to ~209,000. Apart from this, the reading of University of Michigan consumer sentiment survey exhibited that year-ahead expectations for inflation increased to ~4.5% from the previous reading of ~4.4%. Bond yields inched slightly higher Wednesday post falling earlier in the day because investors expect that data might put more and more pressure on the US Federal Reserve to raise the key interest rates. Therefore, performance of indexes on Wednesday was mainly due to lower oil prices and jobless claims. 

Slightly hotter expectations about inflation was seen even though there was a recent decline in oil prices, that fell on Wednesday after OPEC+ decided to postpone its meeting to November 30 as there is some kind of disagreement among the member countries. New earnings reports were released, and the highlight of the day was the report of tech giant, Nvidia. Late Tuesday, the company release strong 3Q results in which its revenues were tripled. However, the shares traded lower after they traded higher during the initial hours of the trading.

On Wednesday, S&P 500 closed the day at 4,556.62, as the index added ~18.43 points or was up by ~0.41% and Dow Industrials ended at 35,273.03, after it increased by ~184.74 points or 0.53%. Finally, Nasdaq Composite leapt up by 0.46% to end the session at 14,265.86. 

Elsewhere, in India, equity benchmarks closed their respective trading sessions higher for second consecutive session on 22 November while the day was quite volatile. Sensex added ~92.47 points or 0.14% to end at ~66,023.24, while Nifty closed at 19,811.80, exhibiting a rise of ~28.40 points or ~0.14%. 

Amidst news about the lower oil prices and jobless claims, the Indian indices reacted on the mixed global cues. Indexes opened the session on a flat note, but gains were seen in the 1H. Mid-session there was some sort of selling, dragging the Nifty to ~19,700. However, investors jumped in the last hour of the trading to erase the losses. Top gainers for the day on Nifty included BPCL, Cipla, NTPC and Infosys, while losers for the day were IndusInd Bank, Hindalco Industries, Kotak Mahindra Bank, etc.

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I'm Ved Prakash, Founder & Editor @Newsblare Media, specialised in Business and Finance niches who writes content for reputed publication such as,, Motley Fool Singapore, etc. I'm the contributor of different... news sites that have widened my views on the current happenings in the world.

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