Dow Jones maintains a moderate bullish tone on Thursday, favoured by soft US Jobless Claims data.
Hopes of Fed rate cuts are buoying all sectors with tech firms leading gains.
The index is still far from the historic highs seen in March, investors remain cautious ahead of Friday’s NFP report.
The Dow Jones Industrial Average (DJIA) advances for the second day in a row as higher-than-expected US Jobless Claims figures endorse the view of three interest rate cuts in 2024, starting in June.
Applications for unemployment benefits rose to their highest level in two months in the last week of March, according to data released by the Labor Department on Thursday. These figures come after the weak services sector activity data on Wednesday eased market fears that a strong US economy would force the Federal Reserve (Fed) to dial down its monetary easing plans.
Fed Harker reiterated Chair Powel’s warning that the central bank might need more time to start rolling back its tightening cycle, but they have failed to dampen the positive sentiment. Investors remain focused on Friday’s US Nonfarm Payrolls (NFP) report for more clues about the rate outlook.
All Wall Street indexes are posting gains on Thursday. The NASDAQ is leading with a 0.95% advance to 16,435, followed by the S&P 500, up 0.75% at 5,249, and the Dow Jones, which adds 0.5% to 39,321
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