Wall Street recovered portion of yesterday's losses
Supported by the positive macro data, major equity indices in the United States rebounded on Thursday, recovering part of yesterday's heavy losses.
Today's data from the United States revealed that the weekly initial claims decreased 4,000 to 232,000 for the week ending May 12, while the number of citizens who continue to receive unemployment benefits dropped by 22,000 to its lowest level since 1988. Other data showed that the manufacturing activity index in the Philadelphia area advanced to 38.8 in April from 22 in March and came closer to its record reading of 43.3 seen in February.
The Dow Jones Industrial Average added 56.09 points, or 0.27%, to 20,663.02, the S&P 500 rose 8.71 points, or 0.37%, to 2,365.74 and the Nasdaq Composite gained 43.89 points, or 0.73%, to 6,055.13.
Tomorrow's macroeconomic calendar won't be offering any data that could impact the market mood and the political developments from the United States will be looked upon for fresh impetus.
Headlines from the U.S. session:
- Fed's Mester: Delaying rate hikes for too long risks recession
- Trump scandal story to subside, markets could soon lose interest - Nomura
- Times Square incident isn't connected to terrorism - CBS
- US House Rep Chaffetz to announce early resignation - Politico
- US April Leading Index: Uptrend continues - Wells Fargo
- US House Rep. Brady: There is no perfect way to tax, but there are proven ways to grow our economy
- U.S. Treasury's Mnuchin: I believe that a goal of 3% GDP or higher economic growth is achievable
- US: The Conference Board Leading Economic Index increased to 126.9 in Apri
- Philly Fed: Manufacturing activity continued to expand in May
- US: Weekly initial claims was 232,000, a decrease of 4,000 from the previous week
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
