Stocks in the Asia-Pacific traded higher after Wall Street rebounded overnight, recovering most losses from the previous session.
The S&P/ASX 200 in Australia rose 0.47%, carrying on the sentiment from the U.S. session. In Japan, the Nikkei 225 rose 0.39% and the Topix inched up 0.2%.
South Korea’s inflation readings maintained cooler levels in December, when consumer prices rose 5% compared with a year ago. The print is in line with expectations and unchanged from the previous month’s reading.
Seoul’s stock markets are closed for New Year’s holiday and scheduled to resume trade on Jan. 2 an hour later than usual at 10 a.m. local time.
|.N225||Nikkei 225 Index||*NIKKEI||26207.13||113.46||0.43|
|.HSI||Hang Seng Index||*HSI||19741.14||0||0|
|.AXJO||S&P/ASX 200||*ASX 200||7057||36.9||0.53|
|.FTFCNBCA||CNBC 100 ASIA IDX||*CNBC 100||7858.56||41.86||0.54|
Overnight in the U.S., jobless filings rose last week, according to the Labor department, a higher reading than Dow Jones estimates. Wall Street’s major averages are still headed toward their worst year since 2008 as investors head into the final trading days of 2022.
Stocks close higher Thursday
All of the major averages ended higher on Thursday.
The Dow Jones Industrial Average rose 345.09 points, or 1.05%. The S&P 500 gained 1.75% and the Nasdaq Composite climbed 2.59% to 10,478.09.
— Tanaya Macheel
Morgan Stanley’s Jonas cuts Tesla target but is still bullish
The turmoil around Elon Musk and weakness in the electric vehicle market could limit Tesla’s near-term upside, but the company is still in a strong position, according to Morgan Stanley.
Analyst Adam Jonas cut his price target on the automaker’s stock but maintained his overweight rating, saying that Tesla could “widen its lead” during a period of soft demand for electric vehicles..
— Jesse Pound
Jobless filings rose last week; continuing claims hit highest since February
Jobless claims increased last week amid Federal Reserve efforts to cool the economy and in particular the labor market.
First-time filings for unemployment benefits totaled 225,000 for the week ended Dec. 24, the Labor Department reported Thursday. That was an increase of 9,000 from the previous week and slightly above the 223,000 estimate from Dow Jones.
Longer-term, continuing claims, which run a week behind the headline number, jumped to 1.71 million, an increase of 41,000 to the highest level since early February.
The numbers this time of year are always noisy due to the holidays. Claims not adjusted for seasonal factors surged by 23,146, a 9.3% increase.