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US stocks jump as traders put bank crisis behind them and brace for more inflation data

Traders on the floor of the New York Stock Exchange (NYSE)Traders on the floor of the New York Stock Exchange (NYSE)

Spencer Platt/Getty Images

  • US stocks marched higher on hopes that global banking turmoil has finally settled. 
  • The S&P 500 notched gains on Thursday, hitting a three-week high intraday.
  • Investors are looking toward personal consumption expenditures data on Friday for a gauge on inflation.

US stocks climbed on Thursday as traders continued to shake off concerns around the health of the global banking system following this month’s string of collapses.

The S&P 500 hit a three-week high intraday, and the Nasdaq charged deeper into bull-market territory while on pace for its second-best quarter in a decade.

Initial filings for unemployment insurance ticked higher last week, but remain largely low amid a resilient labor market. Meanwhile, investors are looking toward personal consumption expenditures data on Friday for a gauge on inflationary pressures in the economy. 

“Collectively, financial markets are pricing in the best of both worlds – a recession that allows rates to be low and brings inflation down sharply, yet one that does not have a massively negative effect on corporate earnings,” Ajay Rajadhyaksha, global chairman of research at Barclays, said in a Thursday note.

Here’s where US indexes stood at the 4:00 p.m. ET close on Thursday:

Here’s what else happened today:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil up 1.82% to $74.3 per barrel. Brent crude, oil’s international benchmark, increased 1.2% to $79.22 a barrel.
  • Gold edged 0.8% higher to $2,000 an ounce.
  • The yield on the 10-year Treasury dipped 2 basis points to 3.47%.
  • Bitcoin fell 1.43% to $28,023, while ether declined 1.44% to $1,783.
Read the original article on Business Insider
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