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U.S. stocks rose on Thursday, a day after Fed Chairman Jerome Powell eased fears about the prospect of delaying interest rate hikes.
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Investors are looking forward to the March jobs report on Friday, which will give more clarity on the expected pace of interest rate changes.
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Data showed unemployment claims rose last week to the highest level since January.
U.S. stocks rose on Thursday, a day after Federal Reserve Chairman Jerome Powell eased fears about the prospect of delaying interest rate hikes.
In a speech at Stanford University on Wednesday, Chairman Powell reiterated that despite stronger inflation in early 2024, the “big picture” remains the same, and that the right policy direction includes a “restrictive” approach by the end of the year. He emphasized that this includes lowering policy interest rates.
The market now has a 60% chance of at least one rate cut by June, down from about a three-quarter chance a month ago, according to CME’s FedWatch tool.
Meanwhile, new data shows the number of new jobless claims rose last week to the highest level since January. Initial claims rose by 9,000 to 221,000, beating economists’ consensus forecast of 214,000.
Investors will also be keeping an eye on Friday’s jobs report, when new nonfarm payrolls and unemployment data will be released.
Here are the U.S. indices immediately after the 9:30 a.m. opening bell Thursday:
Here’s what else happened today:
In Commodities, Fixed Income and Cryptocurrencies:
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West Texas Intermediate Crude rose 0.89.% Up to $85.91 per barrel. Brent crude oil, the international benchmark, fell 0.11% to $89.25 a barrel.
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Gold fell 0.58% to $2,286.65 per ounce.
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The yield on the 10-year US Treasury note fell 1.4 basis points to 4.341%.
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Bitcoin rose 1.37% to $66,991.
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