Stocks rise after jobs data eases concerns over US economy
US stocks took a leap higher Thursday after weekly initial jobless claims fell more than forecast in a reassuring update on the health of the US labor market. The S&P 500 (^GSPC) rose about 1%, while the tech-heavy Nasdaq (^IXIC) jumped more than 1%. The Dow Jones Industrial Average (^DJI) was up about 1.2%.
The normally routine jobless claim update found itself in the spotlight Thursday amid increasing scrutiny on the labor market, as last week’s sluggish non-farm payrolls update served as one of the earliest catalysts of the recent declines.
Government data showed that there were 233,000 initial jobless claims in the week ending Aug. 3, down from 250,000 last week and fewer than what economists had forecast.
The number added a fresh jolt into Thursday’s trading. Wall Street saw a comeback attempt falter on Wednesday, as stocks faded into the close and ended up with sizable declines. The moves — from big gains to significant losses — continued a turbulent stretch that has pervaded in markets for much of the past week.
In individual movers, “Magnificent 7” stalwart and AI giant Nvidia (NVDA) is in focus after another back-and-forth day left its stock down another 5%. The stock rose slightly in early trading.
Eli Lilly (LLY) was the highlight on the earnings docket. Shares of the pharmaceutical soared over 10% after boosting its annual revenue and profit forecasts on strong weight-loss drug sales.
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