by Augustin Turpin
(Reuters) – The New York Stock Exchange opened higher on Thursday, as hopes of an anticipated cut in interest rates next year were bolstered by a larger-than-expected rise in jobless claims.
In early trading, the Dow Jones index gained 41.66 points, or 0.11%, to 37,698.18 points and the broader Standard & Poor’s 500 rose 0.16% to 4,789.38 points.
The Nasdaq Composite gained 0.3%, or 45.57 points, to 15,144.75.
After finishing in the green on Wednesday, at the end of a mixed session, the American indices continue their trajectory and should post monthly, quarterly and annual gains.
Attention now shifts to the S&P 500. A close above January’s record high of 4,796.56 points would confirm that the flagship index has entered a bull market after hitting the bear market bottom in October 2022 .
New jobless claims in the United States last week, the only major indicator expected this Thursday, were above expectations, at 218,000. The four-week moving average showed a slight decline to 212,000 from 212,250 the previous week.
“(The data) shows signs of slowing, which makes the case for more rapid easing by the Fed,” said Thomas Hayes, president of private equity group Great Hill Capital LLC.
According to CME Group’s FedWatch barometer, financial markets expect the Fed to cut rates by at least 25 basis points in March with a probability of around 86%.
In terms of values, the Chinese groups listed in the United States Alibaba, Pinduoduo, and JD.COM increased by 1.9%, 1.8% and 4.8% respectively.
Cingulate soars 198.7% after closing up 100% on Wednesday, for no apparent reason, although the biopharmaceutical company announced on Thursday that it had received guidance from the US Drug Administration regarding its clinical program for Ctx -1301.
(Writing by Augustin Turpin, edited by Kate Entringer)
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