Wall Street's main indexes advanced on Thursday, a day after the Federal Reserve left interest rates unchanged and signaled a dovish tilt, with focus moving to a crucial job report later in the week.
A trader works inside a booth, as screens display a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange in New York City, U.S., May 1, 2024. REUTERS/Stefan Jeremiah/File PhotoMay 2 - Wall Street's main indexes advanced on Thursday, a day after the Federal Reserve left interest rates unchanged and signaled a dovish tilt, with focus moving to a crucial job report later in the week.
"Inflation remains higher than desired in the United States, the Fed remains in wait-and-see mode and not ruling out cuts altogether," Naomi Fink, global strategist at Nikko Asset Management, said.for U.S.-manufactured goods increased solidly in March, boosted by demand for commercial aircraft and motor vehicles, but gains elsewhere were moderate.
Focus now moves to the key nonfarm payrolls data on Friday for a clearer outlook on the labor market and the interest rate path. Of the 373 companies in the S&P 500 that have reported earnings this quarter, 77.2% have surpassed earnings estimates, compared with the historical average of 67%, according to LSEG data.Advancing issues outnumbered decliners for a 2.62-to-1 ratio on the NYSE, and a 1.86-to-1 ratio on the Nasdaq.
The S&P 500 posted ten new 52-week highs and seven new lows, while the Nasdaq recorded 56 new highs and 75 new lows.Shristi is a correspondent, part of the markets team reporting on the stock markets across U.S., UK, Canada, Europe and Emerging markets.The South African rand was little changed on Thursday after a purchasing managers' index showed that manufacturing activity had improved last month.
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