Sumary of GLOBAL MARKETS-Wall Street turns positive after choppy trading due to higher jobless claims:
- All three major U.S. stock indexes were positive by mid-afternoon after the Dow and S&P 500 fell earlier in the day in on the number of Americans filing new claims for unemployment benefits.
- IXIC) added 53.53 points, or 0.37%, to 14,685.48.“The jobless claims data that came out this morning was soft and continues to be stubbornly elevated,” said Sean Bandazian, investment analyst for Cornerstone Wealth.
- Still, the weekly jobless claims report from the Labor Department showed more people are returning to work, a trend that bodes well for July’s employment report.
- The dollar index, meanwhile, rose 0.1% to 92.87 , as the impact of the softer-than-expected U.S. jobless claims data faded.
- Earlier this week, a revived appetite for riskier assets came as worries eased that the Delta variant of COVID-19 would seriously crimp economic recovery, helping to lift crude oil prices.
- OIL FIRMSOil prices rose more than $1 a barrel on Thursday, extending strong gains made in the previous sessions on expectations of tighter supplies until the end of the year as economies recover from the pandemic.
- U.S. crude recently rose 2.28% to $71.90 per barrel and Brent was at $73.81, up 2.19% on the day.