Dow Jones Rallies Following Jobless Claims, Retail Sales Data

On Thursday, the Dow Jones Industrial Average kept rallying to new heights as investors looked to build on the Fed-fueled rise that occurred on Wednesday. The increases occurred when traders processed U.S. retail sales data and the Labour Department’s initial batch of unemployment applications.

The celebration was missed by Adobe, whose stock fell in response to a dismal earning forecast. Unexpectedly, the number of first-time unemployed claims fell to 202,000 in November. Meanwhile, retail sales increased by 0.3% in November, comfortably exceeding predictions of a 0.1% decline.

Among the biggest results movers were Adobe and Jabil, who beat Wall Street forecasts for their fiscal fourth quarter but disappointed with their outlook. The ADBE shares fell by more than 6% during the morning session.

Following the Fed’s statement on Wednesday, the Dow Jones index, Nasdaq, and S&P 500 all had 1.4% increases; the Dow reached a record high, while the Nasdaq and S&P 500 reached new 52-week highs. Fed Chair Jerome Powell stated that the Fed should begin considering a weakening labour market and that additional rate hikes are improbable.