Dow and S&P 500 close higher on upbeat U.S. labor market data

“The Dow and the S&P 500 closed higher on Thursday following upbeat data on the labor market which may have momentarily offset investor jitters over climbing inflation and rising bond yields,” Sue Chang reports for MarketWatch.

“The Dow Jones Industrial Average rose 164.70 points, or 0.7%, to 24,962.48,” Chang reports. “The S&P 500 added 2.63 points, or 0.1%, to 2,703.96. The Nasdaq Composite Index was the lone loser, falling 8.14 points, or 0.1%, to 7,210.09. That represented its longest losing skid, four straight sessions, since a nine-session slide ended Nov. 4, 2016, according to WSJ Market Data Group.”

“Initial U.S. jobless claims fell by 7,000 to 222,000 in the seven days ended Feb. 17, marking the second lowest level since the end of the 2007-2009 recession. Economists surveyed by MarketWatch had forecast claims to total 230,000,” Chang reports. “‘We’re seeing a repricing of risk, given the anticipation of inflation and higher rates, but some of that is a byproduct of an improving economy, one that’s growing faster than normal. In general, the broader economic conditions continue to improve,’ said Steven Baffico, chief executive officer at Four Wood Capital Partners.”

Read more in the full article here.

“Apple is moving higher after a new reports suggested that the tech behemoth is preparing to update its wireless AirPods headphones,” Ryan McQueeney reports for Zacks. “Citing people familiar with the matter, Bloomberg said that Apple is looking to bolster its wearables business with a new version of the AirPods that will feature an upgraded wireless chip and advanced Siri integration.”

McQueeney reports, “Apple shares are now up more than 2% over the last five trading days, moving the company back into the green on the year.”

Read more in the full article here.

MacDailyNews Take: A stronger U.S. economy, especially regarding employment and disposable income gains, obviously bodes well for Apple and for everyone else. A rising tide lifts all boats!

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