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U.S. stocks rise after higher jobless claims calm rate fears

AuthorLiz Moyer
Published 03/09/2023, 10:19 AM
Updated 03/09/2023, 11:25 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks were rising after jobless claims data came in higher than expected.

At 11:23 ET (16:23 GMT), the Dow Jones Industrial Average was up 71 points or 0.2%, while the S&P 500 was up 0.2% and the NASDAQ Composite was up 0.4%.

The rise in jobless claims helped ease fears about the Federal Reserve and interest rates. Initial claims rose to a 10-week high last week to 211,000.

But the big data report comes Friday, with the release of the jobs report for February. Analysts expect that the economy added 205,000 jobs in the month, but they are also waiting to see if the red-hot January number gets revised.

This week, Fed Chair Jerome Powell told Congress the central bank was prepared to accelerate the pace of rate hikes in order to tame inflation. But he said Wednesday their minds are not made up yet, as they await the jobs data and new reports on inflation due next week.

Futures traders have raised bets that the Fed will raise rates by a half of a percentage point later this month, up from February’s quarter-point increase.

The 2-year Treasury, a signal about expectations for the Fed’s benchmark rate, has inched up to 5% this week, where it hasn’t been since 2007.

Silvergate Capital Corp (NYSE:SI) was down 29% after the crypto-friendly firm said it was winding down its bank.

BJ's Wholesale Club (NYSE:BJ) shares rose 4.1% after the warehouse retailer reported better than expected adjusted earnings.

Oil rose. Crude Oil WTI Futures were up 0.8% to $77.32 a barrel and Brent Oil Futures were up 0.7% to $83.28 a barrel. Gold Futures were up 0.7% to $1,831.

Latest comments

The Dow heading down to a 31729 equilibrium price point and possibly attacking stops at 28592 if the feds will increase the Fed fund rate.
Here comes the big crash
simple one day cant stand up. Really playing with people , it has become so disgusting that you are worse than criminals
Reports, media, Fed... ALL fake!!! But the money made and (mostly) lost by people is real and so is the 50% (not 6%) inflation. 401Ks are down and a simple healthy lunch costs $20 plus. I am Fed up (though I am trading and making money on this shit)! How about you?
f.o going down
The Fed wants to keep hiking rates to keep JQP wages from going higher, all the while the government is planning to give itself a 5.2 percent raise for federal employees!
Federal employee's wages are already 50% higher than average salaries. Plus full benefits and employment for life because the government is afraid to fire anyone.
 That's why they really can't hike rates any further without risking an implosion.
Goes to show investors don’t have a clue what’s going on. Higher jobless claims means inflation and high interest rates are eating up corporate margins. Companies are correcting by laying of workers. It doesn’t mean inflation is subsiding. It’s called stagflation. Buy your way into the inevitable crash folks. Don’t whine when you become the bag holder for the next 10 years!
Higher jobless claims means a possible rise in unemployment, which could be interpreted as a possible cooling of the economy, consequently less inflationary pressure, more possibilities of stopping interest rate rises.
Well don’t interpretatie. Know. How high do you think unemployment will go, before we see this effect. How damaged will the economy be? Bare in mind, companies are not laying off people to stem inflation. They are laying them off because their input costs are higher. Wages ain’t going down, less workers will produce less products that still will be sold at higher prices to correct input costs, inflation will therefore persist and so will high interest rates. There is a reason why raising rates is called a blunt tool. Only a shock in the economy can shirt the balance. And that shock is coming my friend. If you like it or not.
We know how reliable these reports on jobless claims are. But they are a great excuse to boost the market
One data can calm investors from months of negative datas and even J Powell hawkish testimony.........
Yet another news headline with clear agenda with only purpose to fool retail buy in worst economical situation for decades
I guess we forgot that any number of jobless claims under 300,000 indicates a very healthy job market. Keep fooling yourself if you want to lose money.
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