U.S. stocks closed near the unchanged mark Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.
Economic data showed that the labor market remained resilient, as weekly initial unemployment claims were unchanged from the prior week at 212,000 while a gauge of manufacturing in the mid-Atlantic region rose to a two-year high.
"But the numbers are going to come in with unemployment low and 70% of this economy consumer spending, if unemployment continues to be low consumers will continue to spend, they'll continue to travel, they'll continue to demand services and that's going to drive earnings and prices up towards the end of the year."
Comments on Thursday from Fed officials reiterated the lack of urgency to lower rates, as New York Federal Reserve President John Williams cited the robust economy while Atlanta Federal Reserve President Raphael Bostic he is "comfortable being patient" as inflation is returning to the Fed's 2% target more slowly than expected.
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