S&P 500 Enters Bull Market as Tech Rally Resumes: Markets Wrap
- Initial jobless claims rise to highest since October 2021
- Yen strengthens after better-than-expected GDP report
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A rally in technology stocks resumed Thursday, pushing the S&P 500’s gains since an October low past 20%, the marker of a bull market.
A jump in jobless claims to the highest since October 2021 delivered a boost to the tech sector, which had been flagging under speculation the Federal Reserve will keep interest rates higher for longer. The jump in claims shows the labor market, while largely resilient, is starting to show signs of cooling.