Facebook slipped after a billion fine, while the market eagerly awaits Friday’s job numbers. At the same time, oil prices are rising.
Wall Street’s three major indices ended up higher, lower, and flat on Wednesday. On Thursday afternoon, indicators were up from the start. When the trade closes, the situation is as follows:
- The Dow Jones rose 0.37 percent
- The Nasdaq Composite Index rose 0.14 percent
- The S&P 500 rose 0.28 percent
According to CNBC, the S&P 500 and Nasdaq Composite both closed at new highs.
Thursday’s rally comes after job numbers from US Department of Labor It showed that there were 340,000 first-time applicants for unemployment benefits last week. It is almost as analysts expected, and the lowest weekly number since the Corona pandemic hit the United States.
On Wednesday, figures showed that half as many jobs were created in the private sector as analysts had expected.
There is now great excitement about another of the trio with job numbers, the number of jobs created outside of farming in August. This number comes before the stock market opens on Friday.
1 billion fine for Facebook
On Thursday, the Irish Data Inspection Authority imposed a fine on WhatsApp of 225 million euros, equivalent to 2.3 billion crowns. The Facebook-owned company is said to have not told consumers in the European Union enough about what they are doing with the data of users of the Whatsapp messaging service.
At the opening of the exchange, Facebook’s stock was down 0.53 percent. In closing, the stock fell nearly 2 percent.
The fine is about 0.8 percent of Facebook’s operating profit in 2020, says Whatsapp CNBC They will appeal the decision.
China continues to suppress technology companies
And before the exchange opened on Thursday, it was also announced that several government agencies in China for shuttle services, including the newly listed Didi, had called for a meeting on “unlawful conduct.” Authorities accuse the services of recruiting drivers and vehicles that have not been approved, according to CNBC.
Didi’s stock was down 0.65 percent at the exchange’s opening, and down 4.13 percent at the close.
“It is necessary for these platforms to address their own problems, correct illegal behavior, facilitate fair competition and create an environment for the healthy development of the transportation industry,” said the Chinese Ministry of Transport.
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Fresh oil price hike
Both spot prices and oil futures prices moved higher on Thursday.
While North Sea (burning spot) oil was trading at $72.78 a barrel Thursday night, US Light Sweet Oil (Spot WTI) was trading at $69.76 a barrel. There is a percentage increase for the day of 2.15 and 2.28 percent, respectively. West Texas Intermediate crude for delivery in October on Thursday rose 2% to $69.99 a barrel, according to Marketwatch.
There are several things that may have influenced the direction of oil prices in recent days. On Wednesday, it was announced that OPEC+ had agreed to commit to planned production increases of 400,000 barrels of oil per day between now and December.
Meanwhile, figures came from the US Department of Energy which showed that US oil inventories contracted by 7.2 million barrels last week, a much larger drop than expected.
President Joe Biden also announced Thursday that oil will be removed from the US Strategic Petroleum Reserve as a result of Hurricane Ida and the shutdown of oil production in the Gulf of Mexico. The beneficiary is Exxon Mobil’s refinery in Baton Rouge, Louisiana, reports Bloomberg.
ExxonMobil’s share was up 2.47 percent at closing time on Thursday.
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