© Archyde.com. A trader trades at the New York Stock Exchange on May 4, 2022. Photo: Brendan McDermid/Archyde.com.
(Archyde.com) – The Standard & Poor’s 500 index managed to post slight gains on Thursday, ending a four-session streak of losses thanks to a late rally in the session as investors awaited a key report on the labor market on Friday.
Data showed that weekly US jobless claims fell more than expected to their lowest level in two months last week, and layoffs fell in August, indicating that the Federal Reserve will need to keep raising interest rates sharply to slow the labor market.
Investors are now waiting for the monthly non-farm payrolls report on Friday to get more indications about the labor market.
According to preliminary data, the Standard & Poor’s 500 index closed up 12.23 points, or 0.31 percent, to 3,967.23 points, and the Nasdaq Composite Index fell 30.56 points, or 0.26 percent, to 11,785.64 points, and the industrial index rose 145.92 points, or 0.46 percent, to 31656.35 points.
(Prepared by Ahmed El-Sayed for the Arab Bulletin – Edited by Ali Khafagy)