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Mid-Afternoon Market Update: Nasdaq Rises Over 100 Points; TD Holdings Shares Spike Higher

BY Benzinga
— 2:56 PM ET 03/17/2022

U.S. stocks traded higher toward the end of trading, with the Nasdaq gaining more than 100 points on Thursday.

The Dow traded up 0.79% to 34,333.75 while the NASDAQ rose 0.92% to 13,560.45. The S&P also rose, gaining, 0.86% to 4,395.47.

Also check this: ExInsiders Buy Over $7M Of 3 Penny Stocks


Leading and Lagging Sectors


Energy shares climbed by 3.4% on Thursday. Meanwhile, top gainers in the sector included Gevo, Inc. NASDAQ:GEVO, up 17% and Indonesia Energy Corporation Limited NYSE:INDO up 25%.


In trading on Thursday, information technology shares rose by just 0.1%.


Top Headline


US initial jobless claims dropped by 15 thousand to 214 thousand in the week ended March 12th, recording the lowest level in 10 weeks. Analysts were expecting a reading of 220 thousand.

 

Equities Trading UP


Allego N.V. NASDAQ:ALLG shares shot up 62% to $10.45. Spartan Acquisition Corp. III reported the completion of its business combination with Allego Holding B.V.


Shares of Marrone Bio Innovations, Inc. NASDAQ:MBII got a boost, shooting 54% to $1.0782. Bioceres Crop Solutions Corp and Marrone Bio Innovations reported a merger deal.


TD Holdings, Inc. NASDAQ:GLG shares were also up, gaining 41% to $0.3341 after the company reported FY21 results.


Equities Trading DOWN

SecureWorks Corp. NASDAQ:SCWX shares tumbled 11% to $11.44 following Q4 results.


Shares of Akanda Corp. NASDAQ:AKAN were down 21% to $8.65. The company recently priced its IPO at $4 per share.


Integrated Media Technology Limited NASDAQ:IMTE was down, falling 11% to $9.67. Integrated Media Technology issued a filing indicating the board approved the fund raising of up to $20 million.

Also check out: Bristol-Myers Squibb And 2 Other Stocks Sold By Insiders


Commodities

In commodity news, oil traded up 8.9% to $103.53, while gold traded up 1.6% to $1,940.30.


Silver traded up 3.1% Thursday to $25.465 while copper rose 2.2% to $4.7020.



Euro zone

European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.45%, London's FTSE 100 gained 1.28%, while Spain's IBEX 35 Index rose 0.38%. The German DAX declined 0.36%, French CAC 40 gained 0.36% and Italy's FTSE MIB Index fell 0.66%.

Annual inflation rate in the Eurozone increased to a fresh record high of 5.9% in February from 5.1% in the previous month. Spanish trade deficit widened to E6.1 billion in January from E1.8 billion in the year-ago month. Passenger car sales in the European Union fell 6.7% year-over-year to 719,465 in February.


Economics


Housing starts in the US rose 6.8% to an annualized rate of 1.769 million in February, while building permits slipped 1.9% last month.


US initial jobless claims dropped by 15 thousand to 214 thousand in the week ended March 12th, recording the lowest level in 10 weeks. Analysts were expecting a reading of 220 thousand.


The Philadelphia Fed Manufacturing Index climbed to 27.4 in March from 16 in February.


Industrial production in the US rose 0.5% from a month ago in February.


US natural-gas supplies dropped 79 billion cubic feet last week, the Energy Information Administration said.


Check out this: Executives Buy More Than $1B Of 4 Stocks

Check out the full economic calendar here


COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 81,289,600 cases with around 994,730 deaths. India confirmed a total of at least 43,001,470 cases and 516,160 deaths, while Brazil reported over 29,478,030 COVID-19 cases with 656,000 deaths. In total, there were at least 464,650,630 cases of COVID-19 worldwide with more than 6,082,830 deaths.

More GLG News

  • Mid-Day Market Update: Dow Jumps 150 Points; Crude Oil Surges 8%
    Benzinga - 12:38 PM ET 03/17/2022
  • 31 Stocks Moving In Thursday's Mid-Day Session
    Benzinga - 12:35 PM ET 03/17/2022
  • Why TD Holdings Shares Are Surging
    Benzinga - 9:42 AM ET 03/17/2022
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