U.S. stocks experienced gains on Thursday morning on what is the penultimate day of trading for the year. The S&P 500 advanced by 0.7% while the Dow Jones Industrial Average and the Nasdaq Composite both gained 0.5% and 1.1% respectively. This comes after each index experienced a 1% fall on Wednesday.
Apple, Amazon, and Google owner Alphabet emerged as the morning’s big winners. This comes after Apple experienced heavy losses earlier in the week while Amazon fell below its March 2020 Covid crash.
Thursday also provided relief for Tesla, which snapped its seven-day losing streak with a 4.5% gain. With the company still under close supervision from investors after deciding to impose a shutdown at its Shanghai factory, the electric vehicle maker is set to experience its worst month, quarter, and year to date.
Economic data for the week exhibited a bleak outlook, with the Labor Department reporting a rise of 225,000 unemployment insurance filings. Oil has also backtracked from its recent rally, falling 2.2% to approximately $77 per barrel. Overall, both U.S. and global stocks are on course to their worst drop since the 2008 financial crisis.