Today in the Market – Thu 08/08
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U.S. stock indices staged a solid rebound from this week’s steep sell-off following Friday’ disappointing U.S. payrolls data which sparked concerns that the Fed could be behind the yield curve. The unwinding of the Japanese yen carry trade further stoked global recessionary concerns.
Today’s better-than-expected weekly jobless claims number eased some of these domestic economic concers, lifting investors’ sentiment and boosting all three major indices higher to register their best day since 2022.
Nasdaq outperformed the other major indices, closing 2.87% higher. The S&P 500 index rose 2.3% and the Dow closed today’s session 1.8% higher.