US Stocks end mixed ahead of the Thanksgiving Holiday

The US stocks finished session mixed on Wednesday, 25 November 2020, with the Nasdaq rose while the Dow Industrials took a breather after hitting 30K on Tuesday, as traders seemed reluctant to make more significant moves amid uncertainty about the near-term outlook for the markets and ahead of the Thanksgiving Holiday in the US. Some traders looked to cash in on yesterday's gains, although recent upbeat coronavirus vaccine news kept selling pressure relatively subdued.

At the close of trade, the Dow Jones Industrial Average index declined 173.77 points, or 0.58%, to 29,872.47. The S&P 500 index shed 5.76 points, or 0.16%, to 3,629.65. The tech-heavy Nasdaq Composite Index climbed up 57.62 points, or 0.48%, to 12,094.40. The markets will be closed on Thursday.

 

ECONOMIC NEWS: US Weekly Jobless Claims Climb To 778,000- US first-time claims for unemployment benefits climbed to 778,000 in the week ended November 21st, an increase of 30,000 from the previous week's revised level of 748,000, according to a report released by the Labor Department on Wednesday. The Labor Department said the less volatile four-week moving average also edged up to 748,500, an increase of 5,000 from the previous week's revised average of 743,500. Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, slumped by 299,000 to 6.071 million in the week ended November 14th.

US Durable Goods Orders Spike 1.3% In October- US new orders for manufactured durable goods increased by more than expected in the month of October, the Commerce Department revealed in a report on Wednesday. The Commerce Department said durable goods orders jumped by 1.3% in October after spiking by 2.1% in September. Excluding an increase in orders for transportation equipment, durable goods orders still surged up by 1.3% in October after jumping by 1.5% in September. Ex-transportation orders were expected to rise by 0.4%.

US New Home Sales Edge Lower In October- US new home sales edged lower in the month of October, according to a report released by the Commerce Department on Wednesday. The Commerce Department said new home sales dipped by 0.3% to an annual rate of 999,000 in October after inching up by 0.1% to a revised rate of 1.002 million in September.

US Consumer Sentiment Weakens In November- US consumer sentiment index for November was downwardly revised to 76.9 from a preliminary reading of 77.0, revised data released by the University of Michigan on Wednesday showed. The report said the index of consumer expectations tumbled to 70.5 in November from 79.2 in October, while the current economic conditions index rose to 87.0 from 85.9.

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