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Stocks ticked higher Thursday as the market tried to build on its recent gains, and traders looked ahead to key inflation data next week as well as the Federal Reserve’s latest policy announcement.
The Dow Jones Industrials gained 82.89 points to break for lunch Thursday at 33,747.91.
The much-broader S&P 500 surged 15.87 points to 4,283.39.
The NASDAQ index rose 119.97 points to 13,224.86.
Amazon led tech shares higher after bullish analyst commentary.
New weekly jobless claims data released on Thursday showed initial jobless claims reached their highest level since October 2021, indicating a potentially softening labour market. The uptick also raised expectations the Federal Reserve would pause its rate-hiking campaign at its meeting next week.
Markets are pricing a 76% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool.
Prices for the 10-year Treasury gained ground, dropping yields to 3.73% from Wednesday’s 3.79%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.28 to $71.25 U.S. a barrel.
Gold prices shot higher $23.20 to $1,981.60 U.S. an ounce.
