US stocks strode higher Thursday in a calm after the Fed day storm, as investors set aside rate worries for now to focus on Apple (AAPL) earnings and the coming monthly jobs report.
The S&P 500 (^GSPC) rose roughly 0.5%, while the Dow Jones Industrial Average (^DJI) gained 0.5%. The tech-heavy Nasdaq Composite (^IXIC) led the gains, up 0.9%.
Stocks are recovering from Wednesday’s volatile session dominated by the wait for the Federal Reserve’s policy decision. Chair Jerome Powell played down the likelihood of an interest-rate hike, bringing relief to investors worried that recent signs of “sticky” inflation might prompt that move.
Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards
As Powell again stressed the Fed is still depending on data to shape its thinking, the April jobs report due Friday is in full focus. Wall Street is watching for any signs of cracks in the strong labor market story, a key factor for policymakers.
Meanwhile, the OECD credited US outperformance as the reason the global economy is growing faster than expected, providing another reason for optimism.
Top of mind in earnings are Apple’s quarterly results, expected after the market close Thursday. Wall Street is bracing for a decline in revenue and a potentially hefty pullback in iPhone sales in China. But there could be some potential bright spots for the “Magnificent Seven” megacap in its results.
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Thu, May 2, 2024 at 9:17 AM PDT
Homebuyers turn to ARMs as rates hover above 7% for third straight week
Homebuyers are turning to adjustable rate mortgages in order to strike a deal.
Yahoo Finance’s Gabriela Cruz-Martinez reports:
The rate on the 30-year fixed mortgage increased to 7.22% from 7.17% the week prior, according to Freddie Mac. Rates have risen more than half a percent since the first week of the year and have hovered above 7% for three straight weeks.
It remains unclear when borrowing costs might start to ease, given the Federal Reserve’s decision this week to hold benchmark rates steady and keep them higher for longer. Though the Fed…
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