U.S. Equity Markets snapped a two-day losing streak, finishing the day higher, led by the NASDAQ which closed higher by 0.76%. U.S Indices sold off in the morning on worse-than-expected jobs data. Jobless Claims rose unexpectedly, marking the first increase in five weeks. The fear is that the return of COVID-19 restrictions in states across the U.S. will force businesses to begin laying employees off once more. This would stall and likely hurt the economic recovery. But Continuing Claims, which represent those that have filed for unemployment for at least two weeks, fell to 6.38 million, versus the expectation for 6.4 million and a revised 6.8 million in the week prior. Besides Jobless Claims, economic data was incrementally positive. The Philadelphia Fed Index, which measures business sentiment, fell less than expected in November. And October Existing Home Sales rose for the fifth straight month, showing that the housing market is still strong. Meanwhile European Indices closed lower. European Commission Vice President Valdis Dombrovskis said the deadline won’t be extended for post-Brexit trade talks between the European Union and the U.K. AstraZeneca and Oxford University’s COVID-19 vaccine showed it produced a strong immune response in older adults, according to data published in The Lancet medical journal. European Central Bank President Christine Lagarde said the central bank will act forcefully to support the economy, adding that asset purchases will remain its main tool. The International Monetary Fund called on Germany to ready more spending to support the economy through a second round of lockdowns. Elsewhere, Gold again closed lower, continuing its recent downtrend while Oil closed flat.
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