Toward the end of trading Thursday, the Dow traded up 0.77% to 36,030 while the NASDAQ rose 1% to 15,677. The S&P also rose, gaining 0.81% to 4,734.65.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 52,510,970 cases with around 833,020 deaths. India confirmed a total of at least 34,765,970 cases and 478,750 deaths, while Brazil reported over 22,222,920 COVID-19 cases with 618,120 deaths. In total, there were at least 277,617,680 cases of COVID-19 worldwide with more than 5,396,270 deaths.
Leading and Lagging Sectors
Industrials shares climbed 1.2 % on Thursday. Meanwhile, top gainers in the sector included View, Inc. VIEW, up 25% and Lightning eMotors, Inc. ZEV up 19%.
In trading on Thursday, real estate shares fell 0.8%.
Top Headline
US consumer spending rose 0.6% in November, while personal income increased 0.4%. The personal consumption expenditure price index rose 5.7% year-over-year in November.
Equities Trading UP
Allakos Inc. ALLK shares shot up 20% to $10.24. Morgan Stanley maintained Allakos with an Equal-Weight and lowered the price target from $86 to $10. Allakos shares tumbled 90% on Wednesday after the company reported data from ENIGMA 2 Phase 3 study of lirentelimab in eosinophilic gastritis (EG) or eosinophilic duodenitis (EoD) and KRYPTOS Phase 2/3 study of lirentelimab in eosinophilic esophagitis (EoE).
Shares of Nikola Corporation NKLA got a boost, shooting 17% to $10.98 following a tweet by the company highlighting the delivery of its first truck to a customer. Nikola actually announced the successful completion of its first delivery via press release last Friday, but the company's tweet this morning seems to be gaining more traction.
22nd Century Group, Inc. XXII shares were also up, gaining 46% to $3.21. The FDA authorized marketing of tobacco products that help reduce exposure to and consumption of nicotine for smokers who use them.
Check out these big movers of the day
Equities Trading DOWN
InnovAge Holding Corp. INNV shares tumbled 40% to $4.9850. The Centers for Medicare and Medicaid Services (CMS) has determined to suspend new enrollments at InnovAge Holding’s Colorado centers based on deficiencies detected in an audit.
Shares of SciPlay Corporation SCPL were down 15% to $13.15 after the company reported its independent special committee was unable to reach a deal with Scientific Games.
Quidel Corporation QDEL was down, falling 18% to $137.12 after the company announced it will acquire Ortho Clinical Diagnostics for $24.68 per share in cash and stock.
Commodities
In commodity news, oil traded up 1.3% to $73.72, while gold traded up 0.4% to $1,809.80.
Silver traded up 0.6% Thursday to $22.955 while copper fell 0.2% to $4.3840.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 gained 0.97%, the Spanish Ibex Index surged 1.24% and the German DAX 40 gained 1.04%. Meanwhile, the London’s FTSE 100 gained 0.43%, French CAC 40 climbed 0.77% and Italy’s FTSE MIB gained 0.70%.
Manufacturing confidence in Italy fell to 115.2 in December from a revised reading of 115.9 in the previous month, while consumer confidence rose to 117.7 in December. Car production in the UK dropped 28.7% year-over-year to 75,756 units in November. Spain's quarterly economic growth was revised higher to 2.6% in the third quarter compared to a preliminary reading of 2%. Import prices in Germany jumped 24.7% year-over-year in November.
Economics
US durable goods orders rose 2.5% month-over-month in November.
US initial jobless claims came in unchanged from previous week’s revised level at 205,000 during the week that ended December 18.
US consumer spending rose 0.6% in November, while personal income increased 0.4%. The personal consumption expenditure price index rose 5.7% year-over-year in November.
New home sales surged 12.4% to an annual rate of 744,000 in November.
The University of Michigan's consumer sentiment index climbed to 70.6 in December from a previous month’s reading of 67.4.
The total number of active U.S. oil rigs rose by 5 to 480 rigs this week, Baker Hughes Inc reported.
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