Published: April 13, 2023 at 4:44 PM ET
Industrial and transportation stocks rose after weak economic data led to bets on looser monetary policy.
New jobless claims rose 11k to an adjusted 239k last week, testing recent highs.
“Bad news is once again good news for stocks,” said Edward Moya, senior market analyst at forex brokerage Oanda Group.
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Industrial and transportation stocks rose after weak economic data led to bets on looser monetary policy.
New jobless claims rose 11k to an adjusted 239k last week, testing recent highs.
“Bad news is once again good news for stocks,” said Edward Moya, senior market analyst at forex brokerage Oanda Group.
“The latest jobless claims report supports the narrative that the labor market is starting to weaken, but it’s still relatively close to historically low levels.”
Fastenal shares fell after the fasteners and other industrial supplies maker fell below the average Wall Street target.
Write to Rob Curran at [email protected]
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