Wall Street closed higher on Thursday, as investors digested the latest figures on the labor market, fueling expectations that the US Federal Reserve (Fed) can stop rising interest rates in the United States.
The Dow Jones Industrial Average increased by 0.47% 33,061.57 points, while the Standard & Poor’s 500 added 0.99% to 4,221.02 points.
The Nasdaq Technology Composite Index rose 1.28% 13100.98 points.
The market is also encouraged by the approval of the US House of Representatives to suspend the debt ceiling. The diploma now goes to the Senate, where it will be voted on next Monday, June 5th.
The number of new jobless claims rose modestly last week. In addition, labor costs were lower than estimates in May.
Investors’ attention now turns to unemployment data for May, which will be released on Friday.
In the swap market, investors are indicating a 78.4% chance that the Federal Reserve will leave the federal funds rate unchanged at its next policy meeting, scheduled for the second week of June.
Investors were closely watching shares of artificial intelligence company C3.ai, which sank more than 13% as guidance for the year fell short of analyst estimates.
Meta grew by 2.98%, and other technology companies hit it, after introducing the new generation of headphones.
On the other hand, Goldman Sachs fell 3.38% after the bank announced that it would lay off more people to face the tougher economic context.
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