U.S. stocks snapped a three-day losing streak on Thursday, as market expected that the U.S. Federal Reserve will announce a rate hike in its next policy meeting.
The Dow Jones Industrial Average gained 82.45 points, or 0.47 percent, to 17,574.75. The S&P 500 moved up 4.61 points, or 0.23 percent, to 2,052.23. The Nasdaq Composite Index added 22.31 points, or 0.44 percent, to 5,045.17. On the economic front, in the week ending Dec. 5, the advance figure for seasonally adjust initial claims was 282,000, an increase of 13,000 from the previous week's unrevised level of 269, 000, according to the U.S. Labor Department Thursday.
The 4-week moving average was 270,750, an increase of 1,500 from the previous week's unrevised average of 269,250. The energy sector rose to lead S&P 500 advancers, despite oil prices continued to hover near seven-year low after the decision of the Organization of the Petroleum Exporting Countries (OPEC) last Friday to keep crude production pumping at current level in an already oversupplied market.
"We've seen equity markets correlate fairly closely to the price of crude of late. OPEC apparently swung and missed at their chance to support the price of a barrel when they took a powder last week at the cartel's big shindig," said Stephen Guilfoyle, managing director at Deep Value, Thursday. U.S. stocks closed lower in choppy trade on Wednesday, as weak oil prices weighed on market.
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