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Dow Jones surges, as U.S. jobless claims increase to 3-month high
The Dow Jones and NASDAQ were initially trading higher on Thursday, before falling in late trading, as markets reacted to the news that jobless claims had once again risen.
Figures from the Labor Department showed that initial applications for state unemployment benefits rose to a 3-month high in the United States.
Claims came in at 286,000, for the week that ended January 15th, which was an increase of 55,000 from the previous week.
This comes as employment figures in the U.S. have slowed, as seen in December’s payrolls, meaning that workers have been forced to seek benefits in the interim period.
At the close the Dow Jones was down 0.89%, with the NASDAQ off 1.30%.
Russia/Ukraine tensions sends oil prices higher
Oil prices rose to multi-year highs once again, as markets reacted to the current tensions between Russia and Ukraine.
In recent weeks, Russia has reportedly massed close to 100,000 troops close to its border with Ukraine.
It has been said that this comes as the Kremlin looks to prevent Ukraine from joining NATO, a move which Russia believes could weaken its position in the region.
Russia, which is a major oil producer, has resisted the claims that it is preparing to invade the former soviet nation, however this hasn’t been enough to calm market uncertainty.
WTI crude hit an intraday high of $87.82 per barrel, its highest level since 2014.
Shares in Netflix started the day trading higher as the market prepared for the release of the company’s Q4 earnings. However, this was not to last.
Subscriber growth appears to be slowing and while revenue numbers were in line with expectations, the market punished the company.
After the close $NFLX was down over 18%.
“It’s not always easy to do what’s not popular, but that’s where you make your money. Buy stocks that look bad to less careful investors and hang on until their real value is recognized.”
-Jim Rogers
