Based on closing data, the S&P 500 gained 14.42 points, or 0.4%, to 4,104.80 points; while the Nasdaq Composite added 91.10 points, or 0.8%, to 12,087.96 units. The Dow Jones industrial average rose 3.46 points, or 0.01%, to 33,486.18 points.
The S&P 500 and the Nasdaq closed higher this Thursday, April 6, helped by a rally in shares of Alphabet, parent company of Googleas investors, worried about the slowdown in the economy, eyed the upcoming jobs data.
Alphabet Inc and Microsoft were the values that contributed the most to the S&P 500 rise in session. Google, Alphabet unit, plans to add artificial intelligence functions to its search engine, the Wall Street Journal reported.
The news Jobless claims fell to 228,000, seasonally adjusted, in the week ending April 1, according to a Labor Department report, while economists expected 200,000 applications for the past week. The data from the previous week was revised and showed 48,000 more applications.
According to closing data, the S&P 500 gained 14.42 points, or 0.4%, to 4,104.80 points; Meanwhile he Nasdaq Composite sumo 91.10 points, or 0.8%, to 12,087.96 units. The average Dow Jones industrials rose 3.46 points, or 0.01%, to 33,486.18 points.
A number of recent reports, including weak data on private payrolls and job offers this week have suggested a slowdown in labor demand and raised hopes of a pause in rate hikes Federal Reservewhich punish the market.
However, unlike what happened in recent months, when the evidence of a slowdown in the economy were applauded by investors hoping that allow the Federal Reserve to relax its policy, weaker data has risen fear of a recession and have put pressure on equities in recent days.
All eyes will now be on the more comprehensive report on job creationwhich will be announced on Friday, in which they are expected to have increased by 239,000 in March, down from the previous 311,000 jobs added per month.
Source: Ambito
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