Stocks close at new record highs despite rise in U.S. jobless claims and stimulus deal questions The major Wall Street averages ended the day in record high territory as sentiment continues to be driven by expectations that more stimulus will be a reality before the turn of the year. Also, anticipation that the vaccine rollout will allow a return to normal activities later next year is overshadowing the fact that COVID-19 infections march ever higher. On the vaccine front, a panel of advisors to the FDA met this afternoon to review what is widely expected to be the second preventative shot to be approved in the U.S. ECONOMIC EVENTS: In the U.S., initial jobless claims climbed 23,000 to 885,000 in the week ended December 12. Housing starts beat estimates with a 1.2% rise to a 1.547M rate in November, while building permits surged by 6.2% to a 14-year high pace of 1.639M homes in November. The Philly Fed manufacturing index plunged 15.2 points to 11.1 in December, which was a big miss compared to the consensus forecast. TOP NEWS: The FDA's Vaccines & Related Biological Products Advisory Committee Meeting met on Thursday afternoon to discuss Moderna's ($MRNA) COVID-19 vaccine candidate. Arnold Monto, a professor of public health and epidemiology at the University of Michigan who chairs the FDA committee, said he has "no serious doubts that there will be a likely approval" for broad U.S. use of the vaccine, according to The Wall Street Journal. Shares of Rite Aid ($RAD) surged 17.4% higher after the pharmacy operator reported better than expected adjusted earnings and revenue for the third quarter, with same-store sales from continuing options rising 4.3% year-over-year in the period. The company also raised its fiscal 2021 adjusted earnings and revenue guidance, adding that it expects same-store sales to increase 3.5%-4.5% in FY21. In other earnings news, General Mills ($GIS) was in focus after the company reported upbeat second quarter results, with the company saying that Q3 demand trends appear to be "generally consistent" with recent months. Of note, General Mills expects its FY21 adjusted operating margin to be in line with or better than what it reported for FY20. Meanwhile, Clasa A shares of Alphabet ($GOOGL) finished the day 1% lower after Iowa Attorney General Tom Miller said he's leading a bipartisan coalition of 38 attorneys general in suing Google for "anticompetitive conduct in violation of Section 2 of the Sherman Act." The states allege that Google "illegally maintains its monopoly power over general search engines and related advertising markets through a series of anticompetitive exclusionary contracts and conduct." In response, Google said that redesigning its search features would end up harming consumers. Additionally, Coca-Cola ($KO) was in focus after The Wall Street Journal reported that the company is accelerating restructuring efforts and cutting 2,200 jobs globally, including 1,200 in the U.S. In IPO news, digital currency exchange Coinbase Global ($COIN) announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. MAJOR MOVERS: Among the noteworthy gainers was Humanigen ($HGEN), which rose 23.8% after it completed enrollment in its ifabotuzumab bioimaging study. Also higher was Lennar ($LEN), which gained 7.6% after reporting quarterly results. Among the notable losers was R.R. Donnelley ($RRD), which declined 5.7% after responding to speculation by saying that it is not currently engaged in discussions to sell its printing and packaging business in Asia Pacific. Also lower was AT&T, which fell 2.2% after Morgan Stanley analyst Simon Flannery downgraded the stock to Equal Weight from Overweight, saying he expects a "robust" 5G smartphone upgrade cycle in 2021 to create risks for AT&T given that as consumers look to buy new 5G iPhones from Apple ($AAPL) he would expect the switcher pool to increase. Reviewing Thursday's economic data:Initial claims for the week ending December 12 increased by 23,000 to 885,000 (Briefing.com consensus 795,000). Continuing claims for the week ending December 5 decreased by 273,000 to 5.508 million, which was the lowest level since March.The key takeaway from the report is that the jump in initial claims underscores the real, and adverse, economic impact of the latest surge in coronavirus cases and the business restrictions imposed to help contain the spread.Housing starts increased 1.2% m/m in November to a seasonally adjusted annual rate of 1.547 million (Briefing.com consensus 1.530 million). Building permits increased 6.2% m/m to 1.639 million (Briefing.com consensus 1.550 million).The key takeaway from the report is that the starts and permits growth was driven largely by multi-unit dwellings; however, single-unit starts and permits were up 0.4% and 0.9%, respectively, which belies robust year-over-year growth of 27.1% and 22.2%.The Philadelphia Fed Index dropped to 11.1 in December (Briefing.com consensus 19.0) from 26.3 in November.Looking ahead, investors will receive the Conference Board's Leading Economic Index for November and the Q3 Current Account Balance. Nasdaq Composite +42.3% YTDRussell 2000 +18.6% YTDS&P 500 +15.2% YTDDow Jones Industrial Average +6.2% YTDMarket SnapshotDow30303.31+148.83(0.49%)Nasdaq12764.66+106.56(0.84%)SP 5003722.49+21.31(0.58%)10-yr Note -2/320.937NYSEAdv 2058 Dec 1035 Vol 958.8 mlnNasdaqAdv 2467 Dec 1166 Vol 4.9 blnIndustry WatchStrong: Materials, Health Care, Real EstateWeak: Energy, Communication ServicesMoving the Market-- Major indices close at fresh record highs in continuation of positive trend -- Weaker dollar lifts oil prices and precious metals Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. 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