Stock market today: Indexes rise and bond yields jump after the latest signs of resilient economy
NEW YORK (AP) — Wall Street ticked mostly higher as investors consider both the upsides and downsides of the U.S. economy remaining stronger than feared. The S&P 500 rose 0.4% Thursday after wobbling between small gains and losses. The Dow added 0.8% and the Nasdaq ended just barely lower, less than 0.1%. Yields jumped after data showed the U.S. economy grew faster at the year’s start than estimated. Fewer workers applied for unemployment benefits last week. The data are a positive for investors because they suggest a growing economy can support corporate profits. They could also mean higher interest rates, however.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — Wall Street is ticking higher Thursday as investors consider both the upsides and downsides of the latest signals that the U.S. economy remains stronger than feared.
The S&P 500 was 0.3% higher in afternoon trading after wobbling between small gains and losses. The Dow Jones Industrial Average was up 215 points, or 0.6%, at 34,068 as of 3 p.m. Eastern time, and the Nasdaq composite slipped 0.2%.
Yields were jumping in the bond market after data showed the U.S. economy grew at a 2% annual rate in the first three months of the year, much stronger than the 1.3% rate earlier estimated. Another report said fewer workers applied for unemployment benefits last week than expected, a sign that the job market remains remarkably solid despite much higher interest rates meant to slow the overall economy.
“The US economy is currently displaying genuine signs of resilience,” said Gregory Daco, chief economist at EY. “This is leading many to rightly question whether the long-forecast recession is truly inevitable.”
On one hand, the data are a positive for investors because they...