Jose Luis Magana/AP
- US stocks rose Thursday amid a signal that the labor market has cooled off a bit.
- Weekly jobless claims totaled 211,000, an increase of 21,000 and ahead of estimates for 195,000.
- That could ease pressure on the Federal Reserve to get more aggressive on policy.
US stocks rose Thursday following higher-than-expected jobless claims data and ahead of Friday’s key nonfarm payrolls report.
Initial filings for unemployment clocked in at 211,000 last week, up by 21,000 and above the Dow Jones estimate of 195,000.
That could be a sign of possible cooling in the labor market, potentially taking some pressure off the Federal Reserve to get more aggressive on policy.
It follows Fed Chair Jerome Powell’s testimony on Capitol Hill this week that stronger-than-expected economic data opens the door to a steeper interest rate hiking path.
Here’s where US indexes stood as the market opened 9:30 a.m. on Thursday:
- S&P 500: 3,999.07, up 0.20%
- Dow Jones Industrial Average: 32,941.70, up 0.42% (143.30 points)
- Nasdaq Composite: 11,593.41, up 0.18%
Here’s what else is going on:
- Credit Suisse delayed filing its annual report, reviving fears about the firm’s finances.
- JPMorgan said the S&P 500 could fall 20% by the middle of 2023.
- Short-sellers raked in $780 million betting against the crypto-friendly bank Silvergate.
- Home Depot co-founder Ken Langone blasted the Fed for letting inflation get so high and warned a financial crisis seems inevitable.
In commodities, bonds, and crypto:
- Oil prices ticked higher, with West Texas Intermediate up 0.67% to $77.17 a barrel. Brent crude, the international benchmark, inched higher 0.73% to $83.26 a barrel.
- Gold rose 0.57% to $1,829.10 per ounce.
- The 10-year yield fell 1 basis point to 3.972%.
- Bitcoin moved lower 1.31% to $21,776.74.