U.S. stocks are drifting higher following signals that the U.S. economy remains solid, for the moment at least. Reports showed fewer U.S. workers applied for unemployment benefits than expected.
— U.S. stocks are rising Thursday following more signals that the U.S. economy remains solid, for the moment at least.
The S&P 500 was 0.6% higher in morning trading after flipping an early loss of 0.8%. The Dow Jones Industrial Average was up 270 points, or 0.6%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was 0.8% higher.
Wall Street has been swinging for weeks on a roller-coaster ride, as stock prices veer on uncertainty about what Trump’s trade war will do to the economy. Stocks got a boost Wednesday after the head of the Federal Reserve said the economy remains solid enough to leave interest rates where they are.
More data arrived Thursday to bolster that view. One report said slightly fewer U.S. workers filed for unemployment benefits last week than economists expected. It’s the latest sign of a potentially “low fire, low hire” job market.
Another report saying sales of previously occupied homes were stronger last month than economists expected accelerated the stock market’s gains, while a third report said manufacturing growth in the mid-Atlantic region appears to be better than economists expected.
But Fed Chair Jerome Powell also stressed on Wednesday that extremely high uncertainty is making it difficult to forecast what will happen next.
