World News | Stocks Trade Higher, Helped by Travel, Energy Companies

New York, Dec 30 (AP) Stocks were modestly higher in early trading Thursday, helped by a bit of good economic data. Trading was relatively quiet with many investors having closed out their positions for the year.

The S&P 500 index was up 0.3per cent as of 10:15 a.m. Eastern. The Dow Jones Industrial Average was up 0.2per cent and the Nasdaq was up 0.6per cent.

Also Read | Nostradamus Predictions For 2022: From Asteroid to Political Assassination and Artificial Intelligence to Civil War, These Are the Prophecies by Legendary Astrologer.

Companies that rely on consumer spending as well as energy and materials companies led the gains. Travel and leisure companies also rose, including Norwegian Cruise Line, Carnival, and Wynn Resorts. Media companies were also higher, including Discovery Communications, Viacom and DISH Network.

Investors got a couple bits of good news to close out the year. The number of Americans applying for unemployment benefits fell below 200,000, more evidence that the job market remains strong in the aftermath of last year's coronavirus recession.

Also Read | CPEC: 90% Terrorist Groups Operating From Afghanistan Targeting Energy Projects, Says Pakistan Counter-Terrorism Department.

Meanwhile the Chicago Purchasing Manager Index, a gauge of manufacturing and economic activity, came in at 63.1 for December. That's slightly better than the reading of 62.0 that economists were expecting, according to FactSet.

Investor concerns about the omicron variant have eased after researchers said it appears to cause less severe symptoms and President Joe Biden avoided announcing travel or other restrictions that might weigh on economic activity.

Still, markets are uncertain about the impact of omicron, which is spreading fast and quickly becoming the dominant variant.

The yield on the 10-year Treasury note was mostly unchanged at 1.54per cent. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)