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Midday Market Update

U.S. Shares Lower as Trade Deficit Increases

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U.S. Markets
U.S. trade deficit increased to $65.3 billion in November compared with $62 billion in October. A strong dollar has contributed to a drop in U.S. exports the past month. The dollar has gained approximately 5% since Election Day as investors are betting on an increased budget deficit under President-elect Trump, which is likely to lead to higher inflation and further rate hikes by the Fed.

The U.S. Department of Labor released information that jobless claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 265,000 for the week ended Dec. 24.

Manjul Bhusal Sharma does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.