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Wall Street Opens Higher as Jobless Claims Bolster Fed Hopes; Dow up 420 Pts By Investing.com

by Mike Robinson

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened higher on Thursday, extending Wednesday’s gains on growing hopes that China can avoid a messy deleveraging of its real estate sector, and that the Federal Reserve may yet put off tightening monetary policy beyond the end of the year.

By 9:40 AM ET (1340 GMT), the was up 416 points, or 1.2%, at 34,675 points. The was up 1.0% and the was up 0.7%.

The U.S. had earlier reported that it registered 351,000 new jobless claims last Wednesday, which was more than anticipated and the second consecutive weekly increase. This suggests that the Delta-variant Covid-19 spike seen in the summer may finally be reflected in layoffs. Continuing claims came in higher than expectations. However, IHS Markit’s Purchasing Manager index for the U.S. economic declined more than was expected. Although Markit’s PMI in the U.S. is not as closely monitored as that of the Institute of Supply Management, it points to a clearly slowdown in September.

 

 

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