Here’s what happened to the stock market on Thursday

Here’s what happened to the stock market on Thursday

Traders work on the floor of the New York Stock Exchange

Lucas Jackson | Reuters

Nasdaq Composite hits 9,000 for the first time

The tech-heavy Nasdaq crossed the 9,000 mark for the first time, boosted by shares of Amazon, which jumped 4.45% on a record holiday shopping season. The Nasdaq rose 0.78% to 9,022.39. The S&P 500 also hit a fresh record, rising 0.51% to close at 3,239.91. The Dow Jones Industrial Averaged climbed 105.94 points, or 0.37%,  to 28,621.39. Trading volumes were thin Thursday.

Jobless claims fall

U.S. weekly jobless claims decreased 13,000 to for the week ended Dec. 21, the Labor Department said Thursday. The number is slightly higher than estimates of 220,000 in a Dow Jones poll of economists. Still the data provided another sign that the U.S. labor market remains strong.

Trade deal imminent

Investors got another confirmation on Thursday that the U.S. and China are in fact at the final steps of signing a partial trade agreement. In a regular press briefing on Thursday, Chinese commerce ministry spokesman said China is in close touch with the U.S. on signing the so-called phase one trade deal.

President Donald Trump also said Tuesday the deal is “getting done,” adding there will be a signing ceremony with Chinese leader Xi Jinping.

What’s next?

We’ll see if the so-called Santa Claus rally will continue. The S&P 500 is sitting just less than one percentage point away from having its best year since 1997. Investors will also monitor new oil data on Friday. Here’s what to watch for in the market.

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