According to the latest Labor Department data, weekly jobless claims fell to 219,000 compared with expectations of 223,000. However continuing claims pointed to a cooling labor market, jumping by 46,000 in the week ending Dec. 14 to 1.91 million, the highest level since November 2021.

Stocks were slightly higher in afternoon trading Thursday as the market looks to add to its gains from earlier in the week.

The Santa Claus rally refers to a seasonal tendency for the S&P 500 to rise over the last five days trading days of a calendar year and the first two of the new year. U.S. stocks pared early losses on Thursday, with the Dow wavering in and out of positive territory in recent trade.

The Dow Jones rose on the stock market today. Magnificent Seven names Amazon and Nvidia were strong. American Airlines stock skidded.

Some of the biggest winners were mega-cap tech stocks, with Tesla up 6%, while Broadcom, Netflix, and Amazon each gained about 2%.

Since the start of 2024, the S&P 500 has never once closed below its 200-day moving average, according to Bespoke Investment Group. Barring a sharp selloff between now and the end of the year, this would be only the 12th time since 1952 that this has happened.

The Santa Claus rally got off to a strong start with Tesla leading the Nasdaq higher. Nvidia just topped a buy point.

Kaltbaum Capital Management's Gary Kaltbaum and Scarlet Oak Financial's Frances Newton Stacy give their economic outlook heading into 2025 on 'Your World.'