Markets continue to speculate on the timing of the next interest rate hike, however, today's rally was fueled by gains in all 10 S&P 500 main sectors.
This morning, weekly jobless claims came in lower than economist expectations. The report indicates a stronger labor market - a key consideration for the Federal Reserve. Weekly jobless claims increased to 260,000. But the rate of jobless claims is hovering near its lowest level since the 1970s.
Next week, the Federal Reserve will meet to discuss monetary policy and the possibility of an interest rate hike. According to CME FedWatch, the probability of a rate hike for September fell from 15% to roughly 12%.
Let's look at the final numbers on Thursday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,212.48; +177.71; 0.99%
S&P 500: 2,147.26; +21.49; 1.01%
Nasdaq: 5,249.69; +75.92; 1.47%
Here's a look at today's most important market events and stocks, plus a preview of Friday's economic calendar.
The Dow Jones rallied 177 points thanks to a strong surge in technology and energy stocks.
While the Federal Reserve is in focus next week, today was all about central banks in Europe. Both the Swiss National Bank and the Bank of England held interest rates at current levels. The BOE continues to speculate on the needs for additional stimulus to address financial damage caused by the Brexit vote.
It was a great day for dividend investors. Shares of Goodyear Tire & Rubber Co. (Nasdaq: GT) pushed up 5% on news that the firm hiked its dividend by 43%. Investors who are looking for the best dividend stocks to own and hold forever, look no further than this list.
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Oil prices were pushing higher on Thursday. The WTI crude oil price today added 0.6%. Meanwhile, the Brent crude oil price gained 1.4%. Money Morning Global Energy Strategist Dr. Kent Moors has just issued his latest oil price prediction. But before we get to that, here's why crude oil prices have been so volatile this week.
The big news today was speculation on the presidential election. In recent weeks, GOP candidate Donald Trump has faced increased criticism that he hasn't provided enough information on his own economic plan. Money Morning Capital Wave Strategist Shah Gilani appeared on Fox Business' "Varney & Co." on Wednesday to react to early rumors about details in the real estate mogul's fiscal policy proposal. Get Gilani's insight, right here.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.