Bonds & Stocks
US stocks are hovering near all-time highs ahead of the Christmas break as a seasonally strong period for equities kicks off. Gold erased gains after climbing above $4,500 an ounce. Traders remain confident that the year can end on a positive note as the Santa Claus Rally stretch gets underway, potentially adding to the US benchmark’s roughly 17% gain this year.
Economy
Applications for US unemployment benefits fell last week, highlighting the seasonal swings in the data at this time of year. Initial claims decreased by 10,000 to 214,000 in the week ended Dec. 20, according to Labor Department data released Wednesday. The median forecast in a Bloomberg survey of economists called for 224,000 applications.
World
Oil held gains from the past five sessions as escalating geopolitical tensions provide some price support to a market headed for oversupply. Brent futures traded above $62 a barrel in thin Christmas Eve trading, up about 6% since closing at the lowest level in almost five years early last week, as the US ramps up pressure on Venezuela.