SP500 gains ground as traders react to the Initial Jobless Claims report, which showed that 231,000 Americans filed for unemployment benefits in a week. Analysts expected that Initial Jobless Claims would increase from 208,000 to 210,000, so the report missed expectations. Treasury yields moved lower as bond traders bet that the potential slowdown in the job market could force the Fed to be more dovish than previously expected. The yield of 2-year Treasuries pulled back towards 4.80%, while the yield of 10-year Treasuries settled near 4.45%, providing additional support to SP500. Today’s move was broad, and most market segments gained solid upside momentum.
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target hit