U.S. stocks are rising as investors try to break losing streak
By Liz Moyer
Investing.com — U.S. stocks were rising on Thursday as investors tried to shrug off recession worries that have dragged the indexes down for several days.
At 10:15 ET (15:15 GMT), the rose 247 points or 0.7%, while the was up 0.8%, and the was up 1.2%.
A 5-day slump in the S&P was fueled by new fears that the ‘s actions to raise interest rates will ultimately tip the economy into a recession.
First-time last week met expectations for 230,000. That comes after November’s showed the economy added more jobs than expected, a still-tight labor market that the Fed has been monitoring closely.
Employers have also increased wages for workers. Investors interpret that to mean the inflationary pressures are still around and that the Fed is going to keep rates higher for longer as it tries to tame .
On Friday, the data releases include and the University of Michigan’s reading.
The Fed starts its two-day policy meeting on Tuesday and will release its decision on Wednesday, with expectations that it will raise rates again, but by a smaller half-percentage point increment.
Shares of network equipment maker Ciena Corp. (NYSE:) jumped 17% after it for revenue and profit and said it sees an opportunity for outsized revenue growth in 2023.
Oil was rising. was up 2.5% to $73.80 a barrel, while was up 1.3% to $78.16 a barrel. was up 0.2% to $1801.