Stocks rally on Wall Street; job market remains strong

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Stocks rallied in morning trading on Wall Street Thursday as investors reviewed the latest government update showing that the labor market remains strong.

While companies in the S&P 500 raked in record profits this year, investors in the benchmark index will see a roughly 20% loss in 2022, which would mark its worst year since 2008.

Treasury yields were mixed. The yield on the 10-year Treasury fell to 3.86% from 3.89% late Wednesday.Investors have been focused on the Federal Reserve’s continuing fight against stubbornly hot inflation. The central bank has been raising interest rates in an effort to stifle borrowing and spending and cool inflation, but the strategy risks going too far and sending the economy into a recession.

The latest update from the U.S. shows that the number of people seeking unemployment benefits rose only slightly last week. The labor market has been one of the stronger areas of the economy. That’s normally good news and it has helped create a bulwark against a recession as other areas of the economy slow.

The Fed has already raised its key interest rate seven times this year and is expected to continue raising rates in 2023. The key lending rate, the federal funds rate, stands at a range of 4.25% to 4.5%, and Fed policymakers forecast that the rate will reach a range of 5% to 5.25% by the end of 2023. Their forecast doesn’t call for a rate cut before 2024.

 

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