US Market bounces into positive territory

The US stock market finished session into positive territory after bounced well off their lows on Thursday, 25 March 2021, as risk appetite underpinned amid President Joe Biden announcement a new goal of administering 200 million Covid-19 vaccine doses in his first 100 days in office. Also boosting market sentiments was the Labor Department's weekly jobless claims report showing fewer-than-expected Americans filed new claims for state unemployment benefits last week.

At the close of trade, the Dow Jones Industrial Average index advanced 199.42 points or 0.62% to 32,619 and the S&P 500 gained 20.38 points or 0.52% to 3,910. The tech-heavy Nasdaq Composite Index declined 15.79 points or to 0.12% 12,978.

 

Market sentiments strengthened amid optimism about the U.S. economy reopening after President Joe Biden announced a new goal of administering 200 million coronavirus vaccinations within his first 100 days in office. The new goal is double the 100 million shots in 100 days that Biden initially pledged and was reached before his 60th day in office.

Airline stocks showed a substantial move back to the upside after Boeing Co.'s plan to resume delivery of its 787 Dreamliners this week.

Shares of Nike Inc fell as the sporting goods giant faced a Chinese social media backlash over its comments about reports of forced labor in Xinjiang.

Darden Restaurants Inc surged after it announced a new share buyback plan and forecast upbeat fourth-quarter revenue and profit.

ECONOMIC NEWS: The Labor Department released a report showing initial jobless claims slid to 684,000 in the week ended March 20th, a decrease of 97,000 from the previous week's revised level of 781,000.

US real gross domestic product surged up by 4.3% in the fourth quarter compared to the previously reported 4.1% jump, according to revised data released by the Commerce Department on Thursday. The Commerce Department said the stronger than previously estimated growth primarily reflected an upward revision to private inventory investment that was partly offset by a downward revision to non-residential fixed investment. Despite the upward revision, the GDP growth in the fourth quarter still reflects a substantial slowdown from the 33.4% spike seen in the third quarter.

COMMODITY NEWS: Crude fell below $60 a barrel, after adding almost 6% Wednesday. West Texas Intermediate crude fell 4.5% to $58.44 a barrel.

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