Stocks in the US surged higher on Thursday, as investors shifted their focus from rate concerns to upcoming Apple earnings and the impending monthly jobs report. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw gains, with the tech-heavy Nasdaq leading the charge with a 0.9% increase.
The market rebounded from Wednesday’s volatile session, which was dominated by anticipation of the Federal Reserve’s policy decision. Fed Chair Jerome Powell’s reassurance that an interest-rate hike is unlikely provided relief to investors worried about inflation concerns prompting such a move.
With Powell emphasizing the Fed’s reliance on data to guide its decisions, all eyes are now on the April jobs report set to be released on Friday. The strength of the labor market is a crucial factor for policymakers.
Additionally, the Organization for Economic Cooperation and Development (OECD) credited the US for outperforming, contributing to the faster-than-expected growth of the global economy, adding to the positive sentiment.
In the midst of all this, Apple’s quarterly results are eagerly awaited, with expectations of a decline in revenue and iPhone sales in China. However, there is optimism for potential bright spots in the tech giant’s performance.
Overall, the market seems to be finding its footing after the Fed day storm, with investors looking ahead to key economic indicators and corporate earnings to gauge the trajectory of the recovery.