US stocks saw a slight increase on Thursday as major indexes continued to trade largely flat. The S&P 500 is approaching its all-time closing high, which was set on January 3, 2022. Despite the lack of a significant Santa Claus rally this season, stocks are on track for weekly gains and are poised for a ninth consecutive advance.
The Dow Jones Industrial Average has seen a 13% increase this year, while the S&P 500 is up 24% and the Nasdaq has risen by 44%. These gains indicate a strong performance for the US stock market in 2023.
However, there are some concerns in the market. Data released on Thursday showed that weekly jobless claims rose by 12,000 to 218,000, exceeding forecasts. It is worth noting that unemployment filings during the holiday season can be volatile.
As of the opening bell on Thursday, the S&P 500 stood at 4,790.57, up 0.19%. The Dow Jones Industrial Average was at 37,699.73, up 0.11% (+40.70 points), and the Nasdaq Composite was at 15,143.02, up 0.29%.
In other news, Russia and Iran have agreed to shun the US dollar in bilateral trade, furthering their de-dollarization efforts. Elite traders like Paul Tudor Jones and Stanley Druckenmiller, according to BlackRock's Rick Rieder, excel at taking risks, calling the shots, and identifying paradigm shifts. Additionally, there are concerns that China's efforts to prop up its economy could leave it vulnerable to a "Lehman moment."
In commodities, West Texas Intermediate crude oil fell 1.2% to $73.15 a barrel, while Brent crude eased 1.2% to $78.70 a barrel. Gold ticked down 0.25% to $2,087.80 per ounce. The 10-year Treasury yield rose 2.7 basis points to 3.8.16%, and Bitcoin slipped 1.25% to $42,871.
Overall, US stocks are showing signs of resilience and are closing in on new all-time highs. However, there are some cautionary indicators and market concerns that could impact future performance.