Another great day in the markets, the jobless claims helped fuel a rally that started yesterday after the federal reserve’s comments on interest rates. Sometimes it just feels crazy to be buying into a rally like this, but onwards and upwards we go into new and uncharted territory.
Just what will derail this latest multi-week rally I don’t know, but perhaps if Scotland does indeed vote to be free of the UK, there will be some selling tomorrow, otherwise we may see it go up again.
U.S. stocks rose on Thursday, with the S&P 500 and Dow industrials toppling records, as investors considered mixed economic reports on jobs and the housing market and continued to relish the Federal Reserve’s renewed vow to keep benchmark rates low.
Economic reports Thursday had the number of Americans filing for jobless benefits dropping to a two-month low and separately, housing starts declined in August. The Philadelphia Federal Reserve’s index of factory activity in the mid-Atlantic region decelerated in September, but its employment component rose to its highest level since the middle of 2011.
The Fed on Wednesday reiterated its “considerable time” wording in reference to how long it would hold off on hiking interest rates. The central bank also signaled that it might increase borrowing costs more rapidly than previously thought, helping lift the dollar, with the U.S. currency rising to a six-year high against the Japanese yen.
Scotland Independence Result
10:00 a.m.: Leading indicators
News Sources: CNN Money & CNBC