New U.S. unemployment claims hit highest level since February
The numbers: Initial jobless claims rose by 9,000 to 225,000 in the week ended December...
The numbers: Initial jobless claims rose by 9,000 to 225,000 in the week ended December 24 , the U.S. Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would rise 7,000 to 223,000 after claims rose 2,000 to 216,000 in the prior week.
Key details: The number of people already collecting jobless benefits rose by 41,000 to 1.71 million. This is the highest level since last February. Continuing claims are a sign that it is taking more time for workers to find new jobs after they have been laid off.
Big picture: Experts see some signs of cooling in the labor market, but not enough to stop the Federal Reserve from moving interest rates higher next year.
Overall, economists don’t read too much into claims around the holiday season. But it remains clear that companies are not laying off workers despite talk of a recession.
Oil prices edged lower on Wednesday but are hopeful of a recovery in fuel demand as China continues to...
Oil prices edged lower on Wednesday but are hopeful of a recovery in fuel demand as China continues to ease its COVID-19 restrictions, though gains were capped by recession concerns and restarts at some U.S. energy plants shut by winter storms.
West Texas Intermediate crude dropped 0.07% on a 72-cent fall and settled at $78.96 a barrel in Wednesday’s trading on the New York Mercantile Exchange.
Global benchmark Brent crudefell 1.27% or $1.22 a barrel to close at $83.26 on ICE Futures Europe.
Natural gasfell nearly 11% on a 57-cent slide to $4.71 per 1,000 cubic feet.
⬇️ Dow drops more than 350 points as U.S. stocks end sharply lower
U.S. stocks ended sharply lower Wednesday, with all 11 of the...
U.S. stocks ended sharply lower Wednesday, with all 11 of the S&P 500's sectors falling, as higher interest rates and recession fears continued to weigh on the market as investors near the end of a bruising 2022.The Dow Jones Industrial Average DJIA closed more than 350 points lower, falling 1.1%, while the S&P 500 SPX slid 1.2% and the technology-laden Nasdaq Composite COMP dropped around 1.4%, according to preliminary data from FactSet. Energy was the hardest hit sector of the S&P 500 on Wednesday, down more than 2%. The S&P 500 has tumbled around 20.6% this year, FactSet data show.
The worst performing stocks in the S&P 500 for 2022
The biggest losers in the S&P 500 this year have erased $1.6 trillion in market value. Meta,...
The biggest losers in the S&P 500 this year have erased $1.6 trillion in market value. Meta, Tesla, and PayPal sit among the top 10 worst-performing stocks in the index that, like the rest of the market, have endured a brutal year. Here's the full list.
Bitcoin Miner Argo Will Avoid Bankruptcy With $100M Bailout From Novogratz’s Galaxy
Bitcoin miner Argo Blockchain (ARBK) will avoid filing for bankruptcy protection, after it agreed to...
Bitcoin miner Argo Blockchain (ARBK) will avoid filing for bankruptcy protection, after it agreed to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital (GLXY) for $65 million.
The miner will also get a new $35 million loan from Mike Novogratz’s crypto-focused financial services firm, which will be secured by Argo's mining equipment, according to a statement sent to CoinDesk.
