Stocks posted gains Thursday after investors put aside concerns that the Federal Reserve will accelerate its timeline for lifting interest rates.
Continue Reading Below
The Dow Jones Industrial Average surged 164.70 points, or 0.66%, to 24,962.48. The S&P 500 lost 2.63 points, or 0.1%, to 2,703.96. The tech-heavy Nasdaq Composite shed its early gains, falling 8.14 points, or 0.11%, to 7,210.09.
Minutes from the Fed’s January policy meeting revealed Wednesday that officials were less hawkish than previously thought. After wage growth picked up last month, investors grew worried that the central bank would hike interest rates more than three times in 2018. In the January minutes, Fed officials said there were few signs that inflation would rise faster than anticipated.
Investors also parsed a new reading on U.S. jobs. The Labor Department on Wednesday said the number of Americans filing for unemployment benefits dipped to a near 45-year low last week, falling 7,000 to a seasonally adjusted 222,000.
The benchmark 10-year Treasury yield retreated from a fresh four-year high of 2.957%, hitting 2.918% Thursday afternoon.
Shares of Snap fell 6.1% after celebrity Kylie Jenner said she is no longer using the company’s social media app, Snapchat. Chesapeake Energy surged 21.7% after the natural gas producer beat earnings estimates.
West Texas Intermediate crude climbed $1.09, or 1.8%, to $62.77 a barrel.
Gold added 90 cents, or 0.07%, to $1,333 an ounce in recent trading.