The Daily Times Newspaper

New York Stocks Higher After US Benefit Claims Figures

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Stock exchanges in New York opened with a profit on Thursday. Investors on Wall Street are mainly focused on figures on weekly payment claims in the United States.

 

They turned out a little better than expected. The critical US jobs report will be released on Friday. In addition, labour market developments play an important role in the Federal Reserve’s monetary policy.

Claims for benefits last week came in at 340,000, while the average had been estimated at 345,000. That is the lowest level since mid-March last year before the corona crisis hit the US. If the labour market recovery weakens, the Fed may be more inclined to maintain economic stimulus programs. On Wednesday, there were disappointing figures from payslip processor ADP about job growth in the American business community.

Shortly after opening, the Dow-Jones index recorded a plus of 0.4 percent at 35,438 points. The broad S&P 500 also rose 0.4 percent to 4,541 points, and technology gauge Nasdaq also gained 0.4 percent to 15,367 points.

Online pet food and accessories retailer Chewy was a notable decliner among the companies, down nearly 10 percent. Chewy released disappointing quarterly figures and outlook. On the other hand, chargePoint just won just under 9 percent. The company that operates charging stations for electric cars reported figures that investors very well received.

Other companies that opened the books included jewellery chain Signet Jewelers (up 8.3 percent), food manufacturer Hormel Foods (down 2.7 percent) and network equipment and software supplier Ciena, which rose a fraction.

New York-listed Chinese taxi app Didi Global was down 1.7 percent. Didi, along with other Chinese internet companies, has been sued by the Chinese authorities for illegal practices. The regulators accuse the companies of using unqualified drivers and vehicles.

Airline United Airlines advanced 0.6 percent. United has suspended operations at its major Newark interchange in the state of New Jersey due to flooding from the remnants of Hurricane Ida, according to news channel CNN.

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