In this context, the Dow Jones Industrial Average rose 227.27 points, or 0.6%, to 37,980.58 units; the S&P 500 index gained 17.94 points, or 0.4%, to 5,040.15 units; and the Nasdaq Composite climbed 54.64 points, or 0.4%, to 15,738.01 units.
The main Wall Street indices go up this Thursday, April 18 thanks to the unemployment data and even though comments from Federal Reserve officials about the prospects of interest rate cuts.
In that context, the Dow Jones Industrial Average rises 227.27 points, or 0.6%, to 37,980.58 units; the index S&P 500 gains 17.94 points, or 0.4%, to 5,040.15 units; and the Nasdaq Composite climbs 54.64 points, or 0.4%, to 15,738.01 units.
Wall Street: Rates won’t drop anytime soon
A report released Thursday showed that the number of Americans who filed new unemployment benefit applications remained at low levels last week, which points to a continued labor market strength.
The return of the notes continued to rise after the data and that of the 10-year benchmark papers traded at 4.63% in its last quote.
“Most of this week’s data shows the economy is still firing on all cylinders. That’s going to challenge the Fed’s rate cut plans, and could continue to weigh on stock gains,” said Chris Larkin of Morgan Stanley.
The president of the Fed, Jerome Powellsaid on Tuesday that lowering inflation will be a longer battle than expected, so the chances of a rapid interest rate cut.
“The latest data clearly have not given us greater confidence, and instead showed that it is likely to take longer than expected to achieve that confidence,” Powell said at an event in Washington. “Having said that, we think (monetary) policy is well positioned to manage the risks we face”he added.
Source: Ambito
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