For a third consecutive day, several U.S. stock indices rallied to new record highs, despite the JOLTS report showing that layoffs are on the rise.

Both the S&P 500 and Dow Jones hit all-time highs on Wednesday, quoting intraday highs of 3,714 and 30,312 respectively.

These highs came despite data from the Labour Department, which showed that layoffs increased by 243,000 to 1.7 million in September. With the layoff rate up from 1% to 1.2%.

The rate for jobs openings were also up, marginally rising to 4.5% from 4.4% in September.

Oil prices fall as stockpiles rise

Prices of WTI Crude fell to their lowest levels since last Thursday, as data released by the EIA.

Figures from the Energy Information Administration showed that Crude inventories increased last week, rising by 15.2 million barrels, compared with expectations for a drawdown of 1.42 million barrels.

WTI Crude dropped to an intraday low of $44.89 on Wednesday, after recent rallies which saw prices reach their highest levels since March.

The oil markets continue to be volatile, despite OPEC+ agreeing to ease production cuts in January by 500,000 barrels per day.

UK warns those with allergies against Pfizer Vaccine

The UK government was the first to grant approval to Pfizer’s COVID-19 vaccine, and after beginning to roll it out, has warned those with severe allergic reactions to avoid using it.

This comes after two NHS workers reported adverse reactions on the first day of the distribution, as elderly and frontline workers have begun receiving the vaccination.

Stephen Powis, director of the NHS stated that, “As is common with new vaccines the MHRA (regulator) have advised on a precautionary basis that people with a significant history of allergic reactions do not receive this vaccination, after two people with a history of significant allergic reactions responded adversely yesterday”.

The FTSE 100 was once again up despite the news.

Source: CBC News

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Eliman Dambel

Senior Market Analyst