The stock market closed higher and ended the longest losing streak since October on Thursday. Jobless claims were higher at 230,000 against the 225,000 in the prior week, and above the 228,000 estimate.
Investors look ahead on next week’s Federal Reserve policy meeting, where the central bank is expected to raise rates by 50 basis points.
Overall, S&P 500 was up 0.8% to 3,964, while NASDAQ increased 1.1% to 11,082.
Tweet of the Day
Equity put/call ratio spiked again yesterday to highest since early 1997 (similar to move in mid-November) pic.twitter.com/e0zCGkh0in
— Liz Ann Sonders (@LizAnnSonders) December 8, 2022
High put to call ratios often tell us that there is a high fear of a stock market decline. This often leads to the stock market doing the opposite, and going higher.
Chart of the Day
Our chart of the day is the one-year chart of Facebook (FB) as of November 25, 2022, when the stock was at $112.
Meta Platforms, formerly Facebook, builds applications that enable people to connect and share with friends and family through mobile devices, personal computers, reality headsets and in-home devices.
Profits declined 49% last qtr as revenue declined 4%, while costs and expenses rose 19%. Ad impressions across Family of Apps increased 17%, while price per ad decreased by 18%.
FB is on the radar for the Growth Portfoli0.
