Wall Street is seeing a day of gains as all major indices traded in the green around noon in New York, driven by a surprising uptick in unemployment claims prompting speculation over Federal Reserve interest rate cuts.
Jobless benefits rose from 209,000 to 231,000 in the week ending May 4, surpassing market expectations of 210,000 and reaching the highest level in eight months.
Consequently, the U.S. dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), declined by 0.2% in reaction to the data, as market participants slightly increased bets on a September Fed cut.
The S&P 500 index inched up by 0.1%, following Wednesday’s flat close, while blue chips of the Dow Jones Industrial Average climbed 0.4%, aiming for their seventh consecutive day of gains, the longest streak since December 2023.
Small caps, tracked by the iShares Russell 2000 ETF (NYSE:IWM), increased by 0.5%.
Gold surged by 1% and silver ...Full story available on Benzinga.com
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