The S&P 500 dipped on Thursday, continuing its volatile run in March as the rally to record highs took a pause with investors reassessing the growth picture.
Oil prices fell about 4% Thursday as demand concerns rekindled with fresh coronavirus pandemic lockdowns. The S&P 500 energy sector slid more than 2%.Jerome Powell hinted at one day starting to remove the stimulus"As we make substantial further progress toward our goals, we'll gradually roll back the amount of Treasurys and mortgage-backed securities we've bought," Powell told NPR's "Morning Edition.
Investors pored over a better-than-expected reading on weekly jobless claims. The Labor Department said first-time claims for unemployment insurance, lower than an estimate of 735,000 from economists surveyed by Dow Jones. Pressure on equities came even as bond yields continued to decline from recent highs. The 10-year Treasury yield dipped 2 basis points to below 1.6%, falling for a fourth day after the rate hit a 14-month high last week.
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