U.S. Indices Corrected On Wednesday Following Weaker Labor Market News – Stocks Register

U.S. Indices Corrected On Wednesday Following Weaker Labor Market News

Most of U.S. stock indices moved into the correction process on Wednesday, November 25. A final understanding of the release date of the completed Covid-19 vaccine is still not available on the market, and the number of cases in the United States is ready to overcome the mark of 13 million people. At the same time, labor market data did not encourage investors either.

It leaves unchanged estimates for the country’s quarterly GDP growth, the US Department of Commerce said. The country’s GDP increased by 33.1 percent at the end of July, August and September, which is a record indicator for the American economy (in annual terms). The number of initial applicants for unemployment compensation, meanwhile, marginally exceeded the 730,000 expected and ultimately amounted to 778,000.

The increase in the number of applications has signaled to the financial community that in the midst of the war against the pandemic, the job market is recovering more slowly. For applications for compensation, the four-week total was 748,500.

The broad-based Standard & Poor’s 500 index fell by 0.16% to 3,629 points at the close of the trading session. The Dow Jones Industrial Average blue-chip closed down 0.58 percent to at 29,872 points, and the high-tech industries’ NASDAQ Composite index rose 0.48 percent to 12,094 points.

WTI crude futures rose 2.16 percent to $ 45.88 a barrel for January delivery. U.S. ten-year government bond yields increased to 0.883 percent by 14 basis points.

Shares of Autodesk Inc (ADSK) shares grew 4.74 percent on the back of released quarterly results that surpassed the expectations of investors. The company’s revenue was $9.8 million higher than the Wall Street estimate for the 3rd quarter.

Among other gainers were PayPal Holdings Inc (PYPL) which grew by +4.11 percent, Amazon.com Inc (AMZN) added +2.15 percent while e-commerce operator Etsy Inc (ETSY) closed the session with a rise of +5.44 percent.

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Furthermore, we note that Activision Blizzard Inc (ATVI) shares have risen by 1.70 percent at ring of the bell on Wednesday.

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