Wall St opens flat as labour market recovery slows

One day after crossing the 30,000-point mark for the first time ever the Dow retreated at the close of trading yesterday. — Reuters pic

One day after crossing the 30,000-point mark for the first time ever the Dow retreated at the close of trading yesterday. — Reuters pic

The Nikkei gained more than 3,100 points this month as of Tuesday.

The S&P 500 is up 404.63 points, or 12.5%.

Stocks closed broadly higher on Wall Street Tuesday, sending the Dow Jones Industrial Average above 30,000 points for the first time. Treasury prices and yields move in opposite directions.

Matt Maley, chief market strategist at Miller Tabak, said that given the financial markets' importance to the USA economy, "it's probably a good idea that a former member of the Fed will lead the Treasury Department.rather than a person from the traditional business world".

The index breached 26,660 in early trading.

The S&P 500 fell 5.76 points to 3,629.65.

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The U.S. stock futures slightly rose early Wednesday after a historic day on Wall Street when the Dow surged past the 30,000 mark for the first time ever. United States (US) shares were set to drift higher with Dow futures up almost 0.2 per cent at 30,050.

Markets have reached a new milestone in the middle of a bruising pandemic, another sign that investors have been more than willing to look past short-term pain toward better days ahead. Asian markets closed lower.

He lauded the efforts with the vaccine, and said that this was an wonderful medical breakthrough.

A separate Reuters survey, meanwhile, found that optimism around vaccine developments and expectations of a recovery in corporate confidence and profitability should push European stocks to near record highs next year.

Asian markets are poised to follow US stocks higher as uncertainty over the transition in presidential power starts to lift.

On the macroeconomic front, USA weekly jobless claims totaled 778,000 for the week ended November 21, ahead of the 733,000 expectation from economists surveyed by Dow Jones and up from 742,000 the previous week.

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Investors pored through a slew of economic data.

The U.S. Food and Drug Administration will likely grant approval in mid-December for distribution of the vaccine developed by Pfizer Inc. and German partner BioNTech and some healthcare workers could start getting shots a day or two later, Dr. Moncef Slaoui, chief scientific adviser for the U.S. government's Operation Warp Speed, said on Sunday.

Data also showed USA consumer spending, which accounts for more than two-thirds of domestic economic activity, increased solidly in October, but personal income fell.

Though financial markets continue making gains, hardship from the economic slump is still growing, McBride said, and both small businesses and consumers are "sorely in need" of additional financial stimulus.

Traders bid HP shares 1.5% higher after the company delivered a solid quarterly report card.

USA financial markets will be closed on Thursday for the Thanksgiving holiday.

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