NEW YORK — Stocks are climbing on Wall Street after a better-than-expected report on the job market eased some worries about the economy. The S&P 500 was up 1% in early trading Thursday. The Dow Jones Industrial Average rose 213 points, or 0.6%, and the Nasdaq composite climbed 1.2%. Treasury yields climbed in the bond market, a signal that investors are feeling less worried about the economy, after a report showed fewer U.S. workers applied for unemployment benefits last week.
Bumble, the Texas-based dating app, lost about 40% of its value after its revenue guidance for the third quarter came in well below what Wall Street was forecasting. Also coming before markets open is the Labor Department's weekly snapshot of layoffs, the first U.S. labor market data since Friday's disappointing jobs numbers. The number of Americans filing new applications for jobless claims has been tracking consistently higher since May, and could be part of the equation the Federal Reserve uses to justify an interest rate cut when it meets in September.
In Europe at midday, France's CAC 40 gave up 1%, while Germany's DAX lost 0.6% and Britain's FTSE 100 shed 1.2%. Japanese officials moved Wednesday to calm concerns over potential rate hikes after an increase in its key rate pushed the yen higher against the U.S. dollar, contributing to heavy selling on Monday, when the Nikkei suffered its worst percentage loss since 1987.
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