US stocks rose Thursday, the last day of a shortened week. The S&P 500 Index ended the week up over 12%, Thursday’s 1.45% gain ending one of the best weeks since the financial crisis. It is unclear whether this is a bear market rally or the rise of a bull market. It will also depend on how long the US economy has to stay away. Thursday started with another impression of 6.6 million initial unemployment claims, which was immediately followed by a new Fed program that easily overshadowed the horrific employment numbers. All sectors of the S&P 500 Index were higher, driven by a property rebound, finance also contributed to the robust recovery. Energy is the least efficient sector. US yields fell as a result of the job demand report, which weighed on the greenback. Oil prices were initially higher before the OPEC + meeting, but collapsed at the close, traders hesitant to hold long positions.
Increase in jobless claims
According to the Department of Labor, 6.6 million Americans filed for unemployment for the first time last week, according to the Department of Labor. This has brought total claims over the past three weeks to more than 16 million. The United States lost 10% of its workforce in three weeks. The most recent number of unemployed is down 261,000 from the previous week, which has been revised upward from 219,000 to almost 6.9 million.
The Fed to the rescue
Immediately following the release of the jobless claims report, the Federal Reserve announced plans to inject an additional $ 2.3 trillion into lower-income businesses and governments. This announcement stimulates riskier assets, helping to push up stocks. The Fed has given the market confidence that it will do whatever it takes to get the US economy back on track. The Fed acted quickly and quickly, and the economy is ready to take off once everything is clear.
article was originally published on FX Empire “data-reactid =” 25 “> This article was originally published on FX Empire