Stable Job Sector Gives Stock Markets a Boost
US jobless claims are down in the latest report on the US economy. The jobless claims data shows that the number of claims has dropped by 2,000 compared to last week.
That brings the number of claims for the week down to 231,000, and it helps edge the US economy a little higher, pushing back against fears of high inflation.
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At the same time. The US Gross domestic product (GDP), which is a fair value of a country’s worth, has increased by 3.0% for the second quarter of the year. That is higher than expected and points to a growing economy that is moving boldly and decisively away from any kind of recession.
Fewer Americans are filing for jobless benefits, but the problem of joblessness is not necessarily getting better. Fewer Americans are being re-hired after being laid off as well, which points to a relatively high unemployment rate.
The Stock Market Responds
We expected the stock market to grow if the jobless claims report looked good. It was just a few weeks ago that the stock market suffered a severe slippage after a poor jobs report, so investors are seeing positive movement in response to that sector looking better.
The Dow Jones Industrial Average climbed by 0.99%, with the Nasdaq gaining 0.91%. The S&P 500 also gained 0.74% compared to yesterday. The stock market is poised to climb even further this week as new economic data releases. We expect to see interest rate cuts in September as well, which could give the stock market an additional boost.
It’s not all rosy for the stock market, though, as Nvidia (NVDA), which was expected to do very well with tis earnings report, actually dropped by 3.82% today. We may see more unexpected moves as investors try to make sense of a volatile and fragile market.
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