Technology and growth stocks lifted Wall Street’s main indexes higher on Thursday after data showed an increase of initial claims for unemployment benefits signaling a cooling labor market which eased concerns over the size of future U.S. Federal Reserve interest rate hikes.
Megacap stocks Apple Inc, Alphabet Inc, Microsoft, and Amazon.com Inc gained between 1.5% and 3%, also helped by a decline in the 10-year Treasury yield.
The U.S. Labor Department’s report showed initial claims for unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24. Economists polled by Reuters had forecast 225,000 claims for the latest week.
The report hinted at some softening in an otherwise tight labor market, bolstering hopes that the U.S. central bank would dial down its aggressive monetary policy stance.
“Signs of the job market beginning to weaken is certainly apparent,” said Peter Cardillo, chief market economist, Spartan Capital Securities LLC.
Traders held on to bets of a 25 basis point rate hike from the Federal Reserve in February and see rates peaking at 4.92% in June 2023.
MacDailyNews Take: Currently, Apple is threatening to rise back above the $130 mark, trading up $3.76 (+2.98%) at $129.80.
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The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.
— Winston Churchill
When the blessings are equalized, will you let us know? Just let it trickle out.
“The inherent vice of capitalism is the unequal sharing of blessings” means that the blessings will not be equalized.
I figured that pretty basic statement was starkly apparent, present company excepted, it seems.
So, no, I won’t be letting you know.
The irony escapes you I see…
Sarcasm is not ironic – unfortunately
I stand corrected, I should have said “flaw”!