shutdown Major Wall Street indexes are higher on Thursday. Telecom and technology stocks were led by light trading as US unemployment data indicated that interest rate hikes may have begun to weaken labor market strength as part of the Federal Reserve’s attempt to curb inflation.
All 11 sub-sector indices of the Standard & Poor’s 500 index rose, with telecoms and technology stocks gaining the most.
Shares of Apple, Alphabet, Microsoft and Amazon have risen after falling in recent sessions, according to Reuters.
The US Department of Labor reported an increase in the number of Americans filing new applications for unemployment benefits last week.
Still, the data indicates that the job market remains strong despite the Federal Reserve’s efforts to cool labor demand as part of its efforts to reduce inflation.
According to preliminary data, the Standard & Poor’s 500 index rose 65.47 points, or 1.73%, to close at 3848.69 points, while the Nasdaq Composite Index rose 262.43 points, or 1.73%. 2.57%, at 10474.72 points.
The Dow Jones Industrial Average rose 341.64 points, or 1.04%, to 33,217.35 points.
