Sumary of Wall Street inches higher in pivot back to growth stocks:
- O) rose ahead of their quarterly results next week, putting the tech-laden Nasdaq out front.
- The number of U.S. workers filing first-time applications for unemployment benefits (USJOB=ECI) spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.
- read more “The market got spooked over jobless claims, but investors remain focused on earnings instead of the macro data,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
- It’s a market that’s priced to its heights and there’s no room for mistakes.
- “Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.
- Second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported.