Midnight Trader | Nov 21, 2012 04:44PM ET
U.S. stocks gained momentum in the second half of the trading session, Wednesday, closing higher as the markets cheered reports of a cease-fire in the Israel-Hamas conflict.
Prior to a report from Egypt's foreign minister that the cease-fire had been achieved, U.S. stocks were mildly positive in light trading, as market participants began to prepare for the impending Thanksgiving holiday.
U.S. Jobless Claims Down
Stocks were given a modest boost just before the opening bell after the Labor Department reported that jobless claims from last week were slightly lower than forecast. Economists polled by MarketWatch forecast jobless claims would come in at 418,000: the actual measure was 410,000 for the week ending Nov. 17th. Claims in the previous week were revised up to an increase of 90,000 to 451,000 compared with the initial estimate of up 78,000 to 439,000. The four-week average rose 9,500 to 396,250. Economists expect claims will continue to pour in for several more weeks in the aftermath of Hurricane Sandy.
Investors shrugged off the fact that euro-zone finance ministers and IMF officials were unable to reach an agreement on the release of the next tranche of aid for Greece. Officials will meet again on Monday to try and hash out a deal.
U.S. Consumer Sentiment
The final reading of the November Michigan consumer sentiment index came in at 82.7, up marginally from 82.6 the month before, but down from a preliminary reading of 84.9 released earlier in the month, and below the median forecast of 84.5 among economists polled by Reuters.
U.S. markets will be closed tomorrow, and will open for an abbreviated session on Friday.
In commodities, crude oil ended slightly higher following the cease fire truce in the Middle East. January crude oil rose 63 cents, or 0.7%, to $87.38 a barrel on the New York Mercantile Exchange. Gold for December delivery closed up 0.3%, to settle at $1,728.20 an ounce on the Comex division of the New York Mercantile Exchange.
Here's Where The Markets Stood At Day's End:
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