The Business Times

US: Stocks rise with S&P 500 ending at another record

Published Fri, Apr 9, 2021 · 06:08 AM

[NEW YORK] Wall Street stocks rose Thursday, with the S&P 500 finishing at another record, after lackluster employment data bolstered expectations the Federal Reserve will remain dovish.

The Labour Department reported 744,000 new jobless claims, seasonally adjusted, in the week ended April 3, an increase of 16,000 from the previous week's upwardly-revised level.

Though a negative sign for the economy, the disappointing labour figures "will convince the Fed that it needs to be patient before removing policy accommodation," Briefing.com analyst Patrick O'Hare said.

In an appearance on an IMF panel, Fed Chair Jerome Powell again said that any rise in inflation would be ephemeral and signaled an accommodative stance on monetary policy.

The broad-based S&P 500 finished at a second straight record, climbing 0.4 per cent to 4,097.17.

The Dow Jones Industrial Average gained 0.2 per cent to 33,503.57, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 13,829.31.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

VIEW ALL

Karl Haeling of LBBW said investors were also pleased by statements from President Joe Biden indicating willingness to compromise on his proposed hike in the corporate tax.

Large technology companies were mostly higher, with Apple gaining 1.9 per cent, Netflix 1.4 per cent and Amazon 0.6 per cent.

AFP

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Capital Markets & Currencies

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here