US stocks rose for the second straight time on Thursday after swinging between gains and losses for much of the trading day.
[Click here to read what’s moving markets on Friday, Sept. 9]
The S&P 500 rose 0.7%, while the Dow Jones Industrial Average and technology-focused Nasdaq Composite each rose 0.6%.
Fed Chairman Jerome Powell’s speech at the Cato Institute’s 40th Annual Monetary Conference in Washington, D.C. focused on “On Tightening Monetary Policy.
This was Powell’s last public statement before the Fed’s next policy announcement on September 21st.
Thursday’s seesaw session saw the Dow Jones Industrial Average jump about 1.4% and the Nasdaq Composite surge 2.1% after the S&P 500 surged 1.8% on Wednesday, marking its seventh consecutive day of declines and its biggest in four weeks. recorded an increase.
On the economic data front, initial jobless claims fell to their lowest level since May. First-time unemployment claims totaled 222,000 in the week ending Sept. 3, the Labor Department said Thursday. Economists sought 240,000 claims, according to consensus estimates compiled by Bloomberg.
Across the Atlantic, the European Central Bank hiked rates by an unprecedented 75 basis points, signaling further hikes after euro zone inflation hit a record high.
The rise comes just two weeks before the Federal Reserve is poised to raise US interest rates by 0.75% for the third time in a row. Some market participants had hoped policymakers would slow down the pace of this fall’s rate hike campaign, but strong economic data on the labor and manufacturing fronts has dampened those hopes.
CME Group’s Fedwatch tool reflects expectations of about 86%, up three-quarters from 69% a week ago.
Wall Street firms, including Bank of America, Goldman Sachs and Nomura, have also raised their stakes for a 75 basis point rate hike this month.
GameStop (GME) shares rose 7.5% after announcing a partnership with cryptocurrency platform FTX late Wednesday. The video game retailer also reported second-quarter earnings showing a 4% year-over-year decline in sales to $1.14 billion while losses widened to $108.7 million. .
American Eagle Outfitters (AEO) shares plunged 8.8% after the company missed out on profits, suspended its quarterly dividend and warned that “demand trends will remain challenging” this quarter.
In commodities markets, oil prices rose 1% after settling to a seven-month low on Wednesday.
Alexandra Semenova is a reporter at Yahoo Finance. follow her on her twitter @alexandraandnyc
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