NEW YORK: Wall Street stocks rose early Thursday, extending the prior session’s trend as markets look ahead to a major address by Federal Reserve Chair Jerome Powell.
Powell will speak Friday at an annual gathering of central bankers in Jackson Hole, Wyoming.
The remarks come amid expectations that the Fed will begin to cut interest rates next month following a two-and-a-half year campaign to tighten monetary policy to address inflation.
S&P 500, Nasdaq edge up after payrolls revisions; Fed minutes in focus
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About five minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 41,012.18.
The broad-based S&P 500 climbed 0.4 percent to 5,641.43, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 17,999.19.
On Wednesday, Fed minutes from the last meeting showed most policy makers expressed support for an interest rate cut if economic data plays out as expected.
Analysts have expected rate cuts in light of some weakening in the US employment market.
US data released Thursday showed initial jobless claims rose by 4,000 last week, a modest rise “that won’t alter the market’s rate cut view or the inclination to think the economy can avoid a hard landing,” said Briefing.com analyst Patrick O’Hare.
Source: Brecorder
