NEW YORK — U.S. stocks are holding firmer Thursday, a day after tumbling on worries that interest rates may stay high for a while.
When or whether the Federal Reserve will deliver the cuts to interest rates in the United States that traders are craving has been one of the main questions dominating Wall Street. After coming into the year forecasting at least six cuts to rates, traders have since drastically scaled back their expectations. A string of hotte r- than - expected -reports on inflation and the economy has raised fears that last year’s progress on inflation has stalled.
A separate report said fewer U.S. workers applied for unemployment benefits last week. It’s the latest signal that the job market remains remarkably solid despite high interest rates. All this is coming at a time when critics had already been calling the U.S. stock market too expensive following its leap of more than 20% since Halloween. For stock prices to look more reasonable, without requiring sharp drops in them, either interest rates would need to fall or corporate profits would need to strengthen.
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