Stocks opened higher on Thursday as investors digested a fresh look at the labor market that revealed a slight uptick in unemployment claims.
The S&P 500 (^GSPC) hovered neared an all-time high close of 4,796.56 for the second-straight day.The major average popped abut 0.2% at the open while the Dow Jones Industrial Average (^DJI) rose 0.1%. the tech-heavy Nasdaq Composite (^IXIC) paced gains, adding 0.3%.
The Nasdaq has now gained more than 44% this year. If that holds it would be the major average’s best year since 2003.
Stocks enter Thursday looking to amass a ninth-straight week of gains. If the S&P 500 does notch another positive week, it’d be the longest weekly winning streak for the benchmark average since 2004.
Fresh economic data showed that unemployment claims ticked slightly higher in the week ending, December 23. Americans filed 218,000 jobless claims up from 205,000 the week prior and above the 210,000 economists had projected.
Broadly, economists have been closely tracking the labor market for any signs of weakness that could indicate the US economy is headed for a broader slowdown in 2024 but Thursday’s data did little to increase any concerns.
“Businesses have been extremely reticent to let go of workers that they struggled to find over the last 3 years,” Jefferies US economist Thomas Simons wrote in a note to clients on Thursday. “We doubt that they will be able to hold on to everyone indefinitely, but they’re going to try…The chances of a soft landing in the labor market have increased, but a landing of some sort is coming for sure.”
New data on home sales will greet investors later on Thursday morning.
Josh Schafer is a Reporter for Yahoo Finance.
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