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Data, politics, tax plan on the agenda for investors

Unemployment benefit claims dipped 2,000 to a seasonally adjusted 236,000 for the week ended Dec. 2, according to the Labor Department. This marks the third consecutive week of declines and suggests a rapid tightening of the labor market.

With the Bureau of Labor Statistics set to release its monthly report on the employment situation Friday, Wall Street will see any changes in the already -low unemployment rate, which sits at 4.1 percent. Investors will also be watching for an increase in the hourly wage, a metric known for its relationship to inflation.

While new economic releases are expected to shake up sentiment Thursday, policy is also expected to keep investors on edge.

President Donald Trump and his administration announced Wednesday that the U.S. recognized Jerusalem as the capital of Israel and said that the American embassy would be moved there, even though officials said the relocation could take "years".

The announcement was met with condemnation worldwide, from Arabs and Muslims in the Middle East , to the United Nations and European Union; with the latter two institutions both voicing fears about what ramifications the decision would have on the peace-making process between Israel and Palestine.

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