An Apple-led tech rally pushed Wall Street higher on Thursday as jitters over th...
NEW YORK - An Apple-led tech rally pushed Wall Street higher on Thursday as jitters over the Federal Reserve’s forecast of an economic slowdown were calmed by upbeat economic data.
But worries about the central bank’s signals on the economy were mollified by upbeat data on Thursday. In separate reports, initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply. But Keator would remind investors that the Fed was more hawkish just a few months ago. “The market should maybe be a bit more measured in extrapolating too much from the Fed’s dovish stance because that could change.”
The Dow Jones Industrial Average rose 216.84 points, or 0.84 percent, to 25,962.51, the S&P 500 gained 30.65 points, or 1.09 percent, to 2,854.88 and the Nasdaq Composite added 109.99 points, or 1.42 percent, to 7,838.96.Rate-sensitive banks came under pressure as the Fed’s decision to cease monetary tightening caused the U.S. Treasuries yield curve to flatten to its narrowest spread since August 2007.
Strauss & Co soared 31.8 percent as investors welcomed the iconic jeans maker back to the stock market. The 165-year-old company’s IPO was priced at $17 per share, and the shares closed at $22.41.
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