Wall Street rose after comments from a Fed official on rates

In an argument in favor of quarter-point hikes, Bostic said he favored “slow and steady” as the appropriate course of action for the Fed, as the impact of higher interest rates could only begin to feel in the spring.

The yield on 10-year notes – the benchmark for global borrowing costs – had broken above the 4% level on Thursday, reaching a new four-month high of 4.091%. The two-year paper, which better reflects short-term interest rate expectations, hit a new 15-year high at 4.91%.

These increases came after data showed the number of Americans filing new jobless claims fell again last week, according to a Labor Department report that pointed to continued strength in the labor market. Another report showed that US labor costs rose faster than initially thought in the fourth quarter.

“Bostic has been a little bit more aggressive, so the fact that he basically said 25 was comforting because he’s been on the aggressive end of aggressive people.” said Rhys Williams, chief strategist at Spouting Rock Asset Management in Bryn Mawr, Pennsylvania.

Monthly payroll and consumer price data in the coming days will give investors more clues as to how aggressive the central bank will be ahead of the March 21-22 Fed meeting, where it is currently expected to hike. rates 25 basis points.

Salesforce Inc skyrocketedafter the software firm forecast first-quarter revenue above analyst estimates and doubled its share buyback to $20 billion.

Tesla Inc declined after a four-hour presentation by its CEO Elon Musk and his team failed to impress investors, with few details on its plan to introduce an affordable electric vehicle.

Macy’s Inc rallied after the department store operator forecast full-year profit above Wall Street estimates.