Courtesy of John Nyaradi.
Stocks soared after initial unemployment claims dropped more than expected – despite risk that the Fed would be encouraged to start tapering soon.
For some reason, investors did not run scared after the Department of Labor reported that initial unemployment claims declined by 12,000 
more than expected during the week ending November 16. One would have thought that because this report might encourage the Fed to begin the dreaded taper of its bond purchases earlier than March, the news would have sparked a selloff, sending stocks drastically lower.
The Dow Jones Industrial Average (NYSEARCA:DIA) picked up 109 points to finish Thursday’s trading session at 16,009 for a 0.69 percent advance. The S&P 500 (NYSEARCA:SPY) surged 0.81 percent to 1,795.
The Nasdaq 100 (NASDAQ:QQQ) jumped 1.06 percent to finish at 3,402. The Russell 2000 (NYSEARCA:IWM) soared 1.80 percent to 1,119.
In other major markets, oil (NYSEARCA:USO) jumped 1.61 percent to close at $34.17.
On London’s ICE Futures Europe Exchange, January futures for Brent crude oil advanced $2.12 (1.96 percent) to $110.18/bbl. (NYSEARCA:BNO).
December gold futures declined $16.20 (1.29 percent) to $1,241.80 per ounce (NYSEARCA:GLD). How Many Times Can Gold Be Sold on the Same “Taper” Rumor?
Transports had to dodge Comet ISON on Thursday, with the Dow Jones Transportation Average (NYSEARCA:IYT) soaring 1.07 percent.
In Japan, the exchange rate for the yen continued to be the dominant factor in stock market activity. Japanese stocks soared on Thursday as the yen weakened to 100.70 per dollar just before the closing bell in Tokyo. The yen is currently weaker than the penny. A weaker yen causes Japanese exports to be more competitively priced in foreign markets (NYSEARCA:FXY). Honda shares skyrocketed 3.41 percent on the Tokyo Stock Exchange. The Nikkei 225 Stock Average jumped 1.92 percent to 15,365 (NYSEARCA:EWJ). What’s Next for Stalling Japan ETFs
In China, stocks retreated after the HSBC China Flash Manufacturing PMI for November dipped to 50.4 from October’s 50.9. Nevertheless, the Flash China Manufacturing Output Index climbed to an eight-month high of 51.3 from October’s 51.1. The Shanghai Composite Index dipped 0.04 percent to 2,205 (NYSEARCA:FXI). Hong Kong’s Hang Seng Index fell 0.51 percent to end the day at 23,580 (NYSEARCA:EWH).
Stocks retreated slightly in Europe after the Markit Flash Eurozone Composite PMI for November declined to 51.5 from October’s 51.9. Markit’s Flash Eurozone Services PMI fell to 50.9 from October’s 51.6. On the other hand, Markit’s Flash Eurozone Manufacturing PMI rose to a 29-month high of 51.5 from October’s 51.3. The Euro STOXX 50 Index finished Thursday’s session with a 0.10 percent dip to 3,044 – remaining above its 50-day moving average of 2,987. Its Relative Strength Index is 54.02 (NYSEARCA:FEZ).
Technical indicators revealed that the S&P 500 remained above its 50-day moving average of 1,732 after surging 0.81 percent to finish Thursday’s session at 1,795. Its Relative Strength Index jumped from 59.48 to 64.04. The MACD is on the verge or crossing back above the signal line, which would suggest that the S&P will continue to advance in the immediate future.
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