Stocks slipped after a mixed batch of data on the economy seemed to drive the final nail into hopes that easier interest rates may arrive very soon.
U.S. stocks slipped Thursday after a mixed batch of economic data seemed to drive the final nail into hopes that easier interest rates may arrive very soon. The Standard & Poor's 500 fell 14.83 points, or 0.3%, to 5,150.48, though it’s still close to its all-time high set Tuesday. The Dow Jones industrial average sank 137.66 points, or 0.4%, to 38,905.66, and the Nasdaq composite lost 49.24 points, or 0.3%, to close at 16,128.53.
households has been one of the linchpins keeping the economy out of a recession despite high interest rates. A separate report said fewer U.S. workers applied for unemployment benefits last week than expected. That’s good news for workers generally. But too much strength in the job market, which has remained remarkably resilient, could add upward pressure on inflation. The mix of data sent the yield on the 10-year Treasury up to 4.28% from 4.19% late Wednesday.
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