Stocks Rise as Jobless Claims Increase Slightly; Oil Prices Recover Amid Sluggish Demand
AbbVie announces acquisition of Cerevel Therapeutics, while Chinese imports fall amid economic slowdown.
- Stocks rose in early trading Thursday with the Nasdaq trading 0.8% higher, the S&P 500 gaining 0.5% and the Dow Jones Industrial Average little changed.
- Initial jobless claims for the week ended Dec. 2 totaled 220,000, a small increase from the prior week's revised level of 219,000 and right in line with economists' estimates.
- Chinese trade data showed imports fell 0.6% in November from the same month a year ago when the economy was still hampered by Covid restrictions.
- Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day, but investors remained concerned about sluggish demand in the U.S. and China.
- AbbVie (ABBV) announced it would acquire the neurosciences biotech Cerevel Therapeutics Holdings (CERE) for $8.7 billion, or $45 a share.
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