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16/05/24
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Wall Street Slightly Higher
On Thursday stocks on Wall Street traded slightly higher as investors searched for new clues as they evaluated more corporate earnings.
The NASDAQ Composite rose just 2 points, or 0.1%, the S&P 500 climbed 3 points, or 0.1%, and the Dow Jones Industrial Average rose 30 points, or 0.1%.
On Wednesday the major indices rallied strongly after lower-than-expected consumer price index data resulted in traders growing more convinced that the Fed will start reducing interest rates in Sept.
Although inflation eased in April it was still much higher than the Fed’s 2% annual target. It also came shortly after Tuesday’s higher-than-expected producer price index report.
On Thursday, data showed that the number of Americans filing for unemployment benefits for the first time last week was higher than expected although the figure was lower than the previous period.
First-time jobless claims in the U.S. dropped to 222K in the week that ended on May 11, down from the previous week’s upwardly revised total of 232K. Economists had expected a reading of 219K.
The data comes as Federal Reserve officials try to evaluate the U.S. jobs market’s health.
Signs of easing in labor demand may ease some upward pressure on wages and therefore inflation, possibly boosting the case for the Fed to reduce interest rates.
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