WASHINGTON (dpa-AFX) - Stocks have moved mostly higher in morning trading on Wednesday, although weakness among some tech heavyweights is weighing on the Nasdaq. The S&P 500 is rebounding after closing lower for three consecutive sessions.
Currently, the major averages are turning in a mixed performance, as the Nasdaq is posting a modest loss. While the Nasdaq is down 8.26 points or 0.1 percent at 12,799.66, the Dow is up 181.18 points or 0.6 percent at 30,196.69 and the S&P 500 is up 14.52 points or 0.4 percent at 3,701.78.
The strength on Wall Street comes following the release of a slew of U.S. economic data, including a report from the Labor Department showing a significant pullback in first-time claims for unemployment benefits in the week ended December 19th.
The report said initial jobless claims slid to 803,000, a decrease of 89,000 from the previous week's revised level of 892,000.
Economists had expected jobless claims to come in unchanged compared to the 885,000 originally reported for the previous week.
The unexpected pullback came after jobless claims reached their highest level since early September in the previous week.
The Commerce Department also released a report showing new orders for U.S. manufactured durable goods increased by more than expected in the month of November.
Buying interest has remained somewhat subdued, however, as separate reports from the Commerce Department showed steep drops in personal income and new home sales.
Uncertainty about a coronavirus relief package approved by Congress has also led to cautious trading after President Donald Trump slammed the bill as a 'disgrace' in a video posted on Twitter on Tuesday.
Trump called on Congress to amend the bill to increase the direct payments to individuals to $2,000 from $600 and 'get rid of the wasteful and unnecessary items.'
Democrats expressed support for increasing the size of the direct payments, but the idea is likely to face resistance in the Republican-controlled Senate.
The stimulus is attached to a government spending bill that Trump needs to sign by Monday to avoid a government shutdown.
Airline stocks are rebounding after moving sharply lower over the past few sessions, driving the NYSE Arca Airline Index up by 4.4 percent. The index is bouncing off its lowest closing level in a month.
An increase by the price of crude oil is also contributing to a rebound by energy stocks, with crude for February delivery jumping $0.95 to $47.97 a barrel.
Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index is up by 3.9 percent, the NYSE Arca Oil Index is up by 3.7 percent and the Philadelphia Oil Service Index is up by 3.4 percent.
Banking, gold and steel stocks are also seeing notable strength on the day, moving higher along with a majority of the other major sectors.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index rose by 0.3 percent, while China's Shanghai Composite Index advanced by 0.8 percent.
The major European markets have also moved to the upside on the day. While the U.K.'s FTSE 100 Index has risen by 0.3 percent, the French CAC 40 Index is up by 0.9 percent and the German DAX Index is up by 1 percent.
In the bond market, treasuries have come under pressure as traders digest the slew of U.S. economic data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 4.7 basis points at 0.965 percent.
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