The Labor Department said initial claims for state unemployment benefits fell 26,000 to a seasonally adjusted 360,000 for the week ended July 10.Wall Street's main indexes have swung in line with rising inflation since mid-June, with investors fretting over a sooner-than-expected hawkish shift by the Federal Reserve amid signs of a steady economic rebound.
"There is some concern that the economy has sort of reached the maximum level of growth," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.Eight of the 11 major S&P 500 sector indexes were trading lower, with technologyOn his first day of testimony before Congress, Fed Chair Jerome Powell on Wednesday said he was confident recent price hikes were associated with the country's post-pandemic reopening and would fade.