Stock market today: Dow continues to rise, Alibaba jumps, gains squared
font size
Investors have welcomed positive signs that Congress will resolve the looming debt ceiling.
Samuel Corum / Getty Images
The stock market was higher on Thursday, building on momentum from late gains on Wall Street on Wednesday, as investor fears surrounding the US debt ceiling and the global energy crisis eased. The weekly jobless claims also painted a better picture of the labor market.
Soon after opening, a file
It rose 381 points, or 1.1%. The
And
It also rose by 1.1%.
“Stock futures are trading higher with global equities this morning as investors cheer at the potential deal to extend the debt ceiling while lower energy prices, particularly in Europe, help ease broader inflation fears,” wrote Tom Essaye, founder of Sevens Report Research.
Republicans submitted a proposal to extend the debt ceiling to December Senate Democrats likely to accept it.
“Risk sentiment improved after reports that Senate Minority Leader Mitch McConnell was willing to negotiate with Democrats to resolve the debt ceiling impasse and allow Democrats to raise the ceiling through December,” said Jim Reed, strategist at Deutsche Bank.
Now, the US market is looking forward to Friday’s US jobs report, which measures non-farm payrolls. Investors want to see that as the benefits associated with the pandemic expire, people are incentivized to return to work.
Investors may have had an early reading of the labor market, with initial weekly jobless claims coming in at 326,000, better than expected 345,000 and below last week’s result of 364,000.
Lately, better than expected Economic data provided quick boosts to stocks. in summer, The data was disappointing, in part due to a spike in Covid-19 cases. Some said Markets need to see better dataobtained by the market.
Overseas, Hong Kong
It rose 3.1%, led by stocks in technology companies amid optimism that US-China relations will soon thaw. pan europe
It was 1.2% higher.
Russian President Vladimir Putin’s offer to help “stabilize” Europe’s natural gas market – where prices have risen nearly 500% this year – has allayed fears of an energy crisis in the region and helped cool commodity prices.
European natural gas prices fell 10% on Wednesday, falling again Thursday, while coal fell 10%. Oil futures – both internationally and in the US – fell 1% to 2% on Thursday. West Texas Intermediate crude futures fell 1.5% to $76.30 a barrel.
Here are eight stocks on the move on Thursday:
Industrial software company
Aspen technology
(Stock ticker: AZPN) Up 13% as a manufacturer
Emerson Electric
(EMR) is considering merging its software business with Aspen.
Conagra Brands
(CAG) stock rose 0.1% after the company’s announcement he won 50 cents a share, beating estimates of 49 cents a share, on sales of $2.65 billion, beating expectations of $2.53 billion.
Schlumberger
SLB stock rose 2.8% after being upgraded to Overweight by JPMorgan’s Neutral.
five below
(FIVE) stock is up 6% after being upgraded to overweight from Morgan Stanley’s Equal Weight.
Field
(SQ) jumped 4.1% after upgrading the payments group to Buy from Hold by Jefferies, which assumed covering the company at a target price would mean a 25% increase per share.
Ali Baba
BABA stock rose 7.3% in Hong Kong as listed US stocks prepared for a similar rally. Chinese technology stocks, such as
Tencent
(0700.HK), which jumped 5.6% in Hong Kong, has been under pressure all year, but has strengthened amid optimism that US-China relations will improve. White House officials plan to schedule a meeting between President Joe Biden and President Xi Jinping in the coming weeks, The Wall Street Journal reported,.
Chinese real estate
(0127.HK) rose 31.7% in Hong Kong after the former shareholder of the embattled developer
Evergrande China
(3333.HK) announced a $245 million private take away offer, which is a significant premium to the current stock price.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
.