U.S. stocks traded higher toward the end of trading, with the Dow Jones jumping around 950 points on Thursday.
The Dow traded up 3.27% to 30,164.64 while the NASDAQ rose 2.61% to 10,688.73. The S&P 500 also rose, gaining, 3% to 3,684.45.
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Leading and Lagging Sectors
Energy shares jumped by 4.4% on Thursday. Leading the sector was strength from Nine Energy Service, Inc. NINE and Core Laboratories N.V. CLB.
In trading on Thursday, consumer discretionary shares rose by just 1.2%.
The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
Equities Trading UP
- Laser Photonics Corporation LASE shares shot up 41% to $4.13 after the company announced the Coca-Cola Company recently completed the implementation of its first CleanTech Handheld Laser Blasting system in its manufacturing facilities.
- Shares of Digital World Acquisition Corp. DWAC got a boost, shooting 13% to $18.00 following Wednesday reports suggesting Google has approved the Truth Social app on the Google Play Store. Digital World is the SPAC merger partner of Truth Social owner Trump Media & Technology.
- Albertsons Companies, Inc. ACI shares were also up, gaining 12% to $28.80. Kroger is said to be in talks to combine with rival Albertsons, Bloomberg said.
Equities Trading DOWN
- Relmada Therapeutics, Inc. RLMD shares tumbled 79% to $6.66 after the company announced its RELIANCE III study did not achieve its primary endpoint.
- Shares of Pintec Technology Holdings Limited PT were down 19% to $0.7375 after jumping 216% on Wednesday.
- Otonomy, Inc. OTIC was down, falling 53% to $0.1225 after the company reported higher dose cohorts for OTO-413 demonstrated no clinically meaningful improvement for patients from baseline.
In commodity news, oil traded up 2.1% to $89.10, while gold traded down 0.2% at $1,673.60.
Silver traded down 0.4% to $18.87 on Thursday while copper rose 1.2% to $3.4655.
European shares were higher today. The eurozone’s STOXX 600 rose 0.85%, London’s FTSE 100 rose 0.35% while Spain’s IBEX 35 Index rose 1.21%. The German DAX climbed 1.51%, French CAC 40 rose 1.04% and Italy’s FTSE MIB Index gained 1.56%.
Annual inflation rate in Germany was confirmed at a rate of 10% for the month September.
- The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
- US initial jobless claims rose by 9,000 to a six-week high level of 228,000 in the week ending October 8th.
- US natural-gas supplies climbed 125 billion cubic feet last week, the Energy Information Administration said.
- US crude oil inventories rose by 9.88 million barrels in the week ended October 7th, the EIA said.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,727,130 cases with around 1,089,380 deaths. India confirmed a total of at least 44,621,310 cases and 528,840 deaths, while France reported over 36,038,320 COVID-19 cases with 155,670 deaths. In total, there were at least 628,463,600 cases of COVID-19 worldwide with more than 6,566,130 deaths.
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