U.S. stocks are trading again after being closed for the Christmas holiday. And they’re trading higher.
The Dow is up 100 points. The S&P 500 is up 7 points. The Nasdaq is up 11 points.
Earlier today, we learned that initial weekly jobless claims fell to 338,000 from 380,000 a week ago.
This was lower than the 345,000 expected.
“As has been the case in recent weeks, the Labour Department is reporting that difficulty in seasonally adjusting the data during the holiday season likely accounts for much of volatility in claims in November and December,” noted Barclays’ Michael Gapen. “We continue to focus on the four-week moving average as a means to smooth through this volatility. The four-week average is likely to tick higher next week as the 305k print on initial jobless claims for the week ending November 30 drops out of the window of observations.”
UPS, the package delivery company, said it was unable to process certain parcels scheduled for delivery in time for Christmas because the volume exceeded capacity. Regardless of what it means for the company, it may be a sign that the U.S. consumer is spending more aggresively than expected.
The Dow and S&P are currently on track to close at new all-time highs.