Stocks Are Ripping Higher -- Dow Up 265

Stocks are soaring again.

In early trade on Thursday, the Dow was up 265 points, the S&P 500 was up 32 points, and the Nasdaq was up 75 points.

The rally in stocks comes after the S&P 500 had its best day of the year on Wednesday following the Federal Reserve’s latest policy announcement, which saw the Fed say it would be “patient” in raising interest rates. 

Earlier this morning, we got initial jobless claims data that beat expectations.

Initial jobless claims fell to 289,000 from last week’s 295,000, which is also what was expected by economists. 

Also on Thursday, we got the flash reading on service sector activity from Markit Economics, which fell to 53.6 from 56.2 in November. Any reading over 50 indicates growth, though Thursday’s number suggests the slowest rate of service sector expansion since October 2013.

The latest manufacturing reading from the Philadelphia Federal Reserve came in at 24.5, below expectations and well off November’s blowout 40.8 reading, which was a 21-year high.

Stocks have had a rocky December, though many expected stocks to rally into the end of the year as part of the so-called “Santa Claus Rally.”

And so maybe Santa is here now. 

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