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Indexes rose on Thursday following the previous session’s huge post-election rally.
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Traders will shift their attention to the Fed, which is expected to announce a 25 basis point rate cut.
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The number of jobless claims rose modestly to 221,000, in line with expectations.
Indexes rose on Thursday, heading for another day of gains after Donald Trump’s election victory sparked a huge rally in the stock market on Wednesday.
The Dow Jones Industrial Average was slightly higher after rising more than 1,500 points, up 3.6% for the biggest single-day percentage gain in two years.
Bank stocks and technology stocks rose during the session, fueled by hopes for lighter regulation and corporate tax cuts under Trump. Bitcoin also won, given Trump’s pro-crypto stance.
On Thursday, investors will turn their attention to the Federal Reserve, which is expected to cut rates by 25 basis points. This would continue the central bank’s easing cycle, which began in September with a massive 50 basis point cut.
After this month’s meeting, Fed Fund Futures show the outlook for monetary policy is becoming less clear, with expectations for further cuts easing over the past week.
Markets are adjusting to the reality of a second Trump presidency, which economists say would likely drive inflation if he implements campaign proposals such as broad tariffs and mass deportations.
The latest data on Thursday shows weekly unemployment claims rose slightly to 221,000, up 3,000 from the previous week and in line with expectations.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
Here’s what else is going on:
In commodities, bonds and crypto:
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Oil futures fell. West Texas Intermediate crude fell 0.5% to $71.30 a barrel. Brent crude, the international benchmark, fell 0.4% to $74.62 per barrel.
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Gold rose 0.8% to $2,697.40 an ounce.
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The yield on ten-year government bonds fell by three basis points to 4.396%.
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Bitcoin rose to $74,891.
Read the original article on Business Insider
