The Dow Jones Industrial Average saw gains for the seventh day in a row on Thursday afternoon, the longest winning streak of 2024, as US markets surged in afternoon trading. markets.businessinsider.com
The latest unemployment claims came in higher than anticipated, supporting the case for rate cuts from the Federal Reserve amid cooling labor markets, despite a shaky start to the day for the main stock averages. markets.businessinsider.com
Tech behemoths, including Amazon, Microsoft, Apple, and Meta, all made gains that day. The Dow Jones today was driven higher by the leading stocks of Caterpillar and Home Depot. markets.businessinsider.com
Strong demand for a $25 billion offering of 30-year Treasury notes contributed to a decrease in rates and an increase in stock prices. markets.businessinsider.com
According to the most recent data, weekly jobless claims increased to 231,000, the highest level since August. This finding supports the theory that the labor market is cooling down enough for the Fed to consider cutting interest rates in the near future.
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“We would be more concerned if initial claims continue to increase steadily in coming weeks and surpass the 260k levels from last year,” noted a note on Thursday from Citi analysts, who also noted that 10,000 of the total increase in weekly claims came from New York beginning claims alone.
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The US indexes were as follows at Thursday’s 4:00 p.m. closing bell:
- S&P 500: up 0.51% to 5,214.08.
- The Dow Jones Industrial Average increased 0.85% (+331.37 points) to 39,387.76.
- The Nasdaq Composite is up 0.27% at 16,346.26.
This is what else is happening:
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The price of wheat has risen to an eight-month high due to severe weather and international strife.
- In the US, the number of “seriously underwater” mortgages is increasing, with the largest increase observed in the southern states.
- An economist thinks that Wall Street is not to blame for the increase in property prices.
In bonds, commodities, and cryptocurrency:
- The price of a barrel of West Texas Intermediate crude increased by 0.8%. The global standard for crude oil, Brent, was up 0.75% to $84.20 per barrel.
- An ounce of gold increased 1.2% to $2,350.
- The 10-year Treasury fell to 4.457%, down two basis points.
- At $62,566, bitcoin was up 0.7%.
