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U.S. market ends higher
Dec 9 2022 9:27AM
Stocks moved mostly higher during trading on Thursday, regaining some ground following the sell-off seen earlier in the week. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the way higher.

The major averages finished the session off their best levels of the day but still firmly positive. The Nasdaq jumped 123.45 points or 1.1 percent to 11,082.00, the S&P 500 advanced 29.59 points or 0.8 percent to 3,963.51 and the Dow climbed 183.56 points or 0.6 percent to 33,781.48.

The strength on Wall Street came as traders picked up stocks at somewhat reduced levels following the sell-off seen to start the week, which reflected concerns about the outlook for interest rates and the economy.

The advance by the S&P 500 came after the index closed lower for five consecutive sessions, pulling back well off the more than two-month closing high set last Wednesday.

Meanwhile, traders continued to look ahead to Friday's release of the Labor Department's report on producer price inflation in November.

Economists expect producer prices to inch up by 0.1 percent in November after rising by 0.2 percent in October, while the annual rate of growth is expected to slow to 7.4 percent from 8.0 percent.

The University of Michigan is also due to release its preliminary report on consumer sentiment in the month of December on Friday. The report includes readings on inflation expectations that could impact the outlook for interest rates.

Traders will be looking for signs of a slowdown in inflation as well as reduction in inflation expectations amid concerns the Federal Reserve will be need to push the economy into a prolonged recession in order to bring inflation down close to its 2 percent target.

The Labor Department released a report this morning showing first-time claims for U.S. unemployment benefits edged slightly higher in the week ended December 3rd.

The report said initial jobless claims crept up to 230,000, an increase of 4,000 from the previous week's revised level of 226,000.

Economists had expected jobless claims to inch up to 230,000 from the 225,000 originally reported for the previous week.