U.S. stocks are climbing Thursday after a better-than-expected report on unemployment eased worries about the slowing economy. The S&P 500 was rallying by 1.6% in morning trading, a day after a big early gain evaporated and flipped into a loss. The Dow Jones Industrial Average was up 510 points, or 1.3%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 1.8% higher. Treasury yields also climbed in the bond market, a signal investors are feeling less worried about the economy, after a report showed fewer U.S. workers applied for unemployment benefits last week.
The number was also better than economists expected. It was exactly a week ago that worse-than-expected data on unemployment claims helped enflame worries that the Federal Reserve has kept interest rates at too high of an economy-slowing level for too long in order to beat inflation. That helped send markets reeling, along with a rate hike by the Bank of Japan that sent shockwaves worldwide by scrambling a favorite trade among some hedge funds.
There are many reasons for this. Some potential explanations could include ...
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