


Business briefing

U.S. stock indexes squeezed out a modest gain during another quiet session on Wall Street on Thursday, nudging the Dow Jones industrial average to a new high ahead of the final trading day of 2017.
Financial stocks accounted for much of the market’s gains. The sector benefited from rising bond yields, which help banks because it enables them to charge higher interest rates on loans.
Some energy stocks got a boost from natural gas prices, which jumped nearly 7 percent as temperatures dropped across much of the U.S. Crude oil prices also closed higher.
The Standard & Poor’s 500 index rose 4.92 points, or 0.2 percent, to 2,687.54. The Dow gained 63.21 points, or 0.3 percent, to 24,837.51. The 30-company average has closed at a record high 71 times this year.
The Nasdaq added 10.82 points, or 0.2 percent, to 6,950.16. The Russell 2000 index of smaller-company stocks picked up 4.99 points, or 0.3 percent, to 1,548.93, matching its most recent all-time high set early last week.
The S&P 500 and Nasdaq, meanwhile, are hovering just below their all-time highs. All the indexes are on track to end 2017 with double-digit gains.
Jobless claims flat from last week
The number of unemployed workers filing for jobless benefits remained the same from the previous week at 245,000, a low level signaling a healthy job market.
The four-week moving average, a less volatile measure, climbed 1,750 to 237,750, the Labor Department said Thursday.
Applications are essentially a proxy for layoffs, and any reading below 300,000 is considered low in a historical context. Many employers are finding it difficult to fill their open jobs, so they are motivated to retain their existing work force.
Overall, about 1.94 million people are receiving jobless benefits, an increase of 7,000 from the previous week. Last year at this time, about 2.1 million Americans were receiving jobless benefits.
Fixed-rate mortgage rates rise
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages rose to 3.99 percent, up from 3.94 percent last week. That average marks a five-month high, but it’s still lower than the 4.32 percent a year ago. The rate on 15-year fixed-rate mortgages increased to an average 3.44 percent from 3.38 percent a week ago.
The 15-year averaged 3.55 percent a year ago. The $1.5 trillion in tax cuts President Donald Trump signed into law last week led to an increase in the interest charged on a 10-year U.S. Treasury note. This increase, likely reflective of both the debt and potential stimulus, pushed up average mortgage rates.
THE BOTTOM LINE