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  3. US markets end higher on Thursday

US markets end higher on Thursday

09 Jun 2023 Evaluate

The US markets ended higher on Thursday on easing concerns about the outlook for interest rates following the release of a Labor Department report showing initial jobless claims increased by much more than expected last week. The Labor Department said initial jobless claims climbed to 261,000 in the week ended June 3rd, an increase of 28,000 from the previous week's revised level of 233,000. Street had expected jobless claims to inch up to 235,000 from the 232,000 originally reported for the previous week. With the much bigger than expected advance, jobless claims reached their highest level since hitting 264,000 in the week ended October 30, 2021. Traders took note of report that the Commerce Department showed a slight decrease in U.S. wholesale inventories in the month of April. 

The Commerce Department said wholesale inventories edged down by 0.1 percent in April after dipping by a revised 0.2 percent in March. Street had expected wholesale inventories to slip by 0.2 percent compared to the unchanged reading originally reported for the previous month. The modest decrease in wholesale inventories came as inventories of non-durable goods tumbled by 1.2 percent, more than offsetting a 0.6 percent increase in inventories of durable goods. On the sectoral front, Retail stocks showed a strong move back to the upside after falling sharply on Wednesday, driving the Dow Jones U.S. Retail Index up by 1.4 percent. Significant strength was also visible among pharmaceutical stocks, as reflected by the 1.2 percent gain posted by the NYSE Arca Pharmaceutical Index.

Dow Jones Industrial Average rose 168.59 points or 0.5 percent to 33,833.61, Nasdaq surged 133.63 points or 1.02 percent to 13,238.52 and S&P 500 was up by 26.41 points or 0.62 percent to 4,293.93. 


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