US Stock Market Overview – Stock Rally Led by Boeing; Jobless Claims Drop

US stocks were mixed on Thursday led by gains in the Dow Industrial which were buoy by Boeing, which rallied approximately 7%. The airline maker finally started receiving some love from carriers with new orders rolling in. The stock is down 26% year to date despite all-three major indices making all-time highs. Most sectors in the S&P 500 index were higher, led by Energy, the Utility sector bucked the trend. Jobless claims fell more than expected and are at the lowest post-pandemic levels. US ISM non-Manufacturing declined to a 6-month low as the coronavirus hit a record high infection rate.

Boeing Finally Gets a Large Order

Ryanair order 75 737 Max planes from Boeing on Thursday, which gave a lift to the airline maker. The shares are well underwater for 2020 after the company experienced 2-aircraft crashes due to software issues with the plane

ISM Non-Manufacturing Slides More than Expected

The service sector in the US slowed to a 6-month low in November according to a report on Thursday from the Institute of Supply Management. The ISM service index, also known as the non-Manufacturing Index, fell to a reading 55.9 in November. That was the lowest reading since May when the recovery started and followed 56.6 in October. The second straight monthly decrease pulled the index further below its 57.3 level in February. Expectations had been for the index to fall to 56.0 in November.

Jobless Claims Declined to a Pre-Crisis Low

Initial jobless claims dropped to a pre-pandemic low falling to 712,000 last week, compared with 787,000 a week earlier. Expectations were for claims to fall slightly to 780,000, according to the Labor Department. That marked a decrease from the upwardly revised level of 787,000 a week earlier. Claims are off their peak of 6.9 million in late March but remain well above the pre-pandemic record. Continuing claims also fell sharply, dropping 569,000 to 5.52 million.