US stocks jumped on Thursday as the US labor market continued to show signs of remarkable resilience despite ongoing rate hikes from the Federal Reserve and a recent banking crisis.
Weekly jobless claims fell 1,000 from the prior week to 191,000, below consensus estimates of 197,000. The strength in the labor market continues even as high-profile tech companies like Amazon and Meta Platforms announce further steep job cuts. Thursday's stock market gain helped erase some of the losses sparked by US Treasury Secretary Janet Yellen on Wednesday, in which she told Congress that blanket FDIC insurance coverage for all banks"is not something that we have looked at... in any way." Stocks also reacted poorly Thursday on comments from Federal Reserve Chair Jerome Powell pushing back on the idea that the central bank could start easing monetary policy this year.
US bank stocks like First Republic and PacWest Bancorp jumped in Thursday trades, as investors continue to assess their recent liquidity raises and the possibility for further contagion from the collapse of Silicon Valley Bank.
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