Tech Shares Rally Despite Disappointing US Labor Data
The S&P edged up from a record early Thursday on strength in technology shares, despite data showing an unexpected jump in US jobless claims
New York, (UrduPoint / Pakistan Point News - 8th Apr, 2021 ) :The S&P edged up from a record early Thursday on strength in technology shares, despite data showing an unexpected jump in US jobless claims.
Though a negative sign for the economy, the disappointing labor figures "will convince the Fed that it needs to be patient before removing policy accommodation," Briefing.com analyst Patrick O'Hare said.
About 15 minutes into trading, the Dow Jones Industrial Average slipped 0.
2 percent to 33,367.56.
But the S&P 500, which ended at a record on Wednesday, gained 0.1 percent to 4,085.01, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 13,783.74.
Cohen has been credited with shifting the focus to e-commerce at GameStop, which has seen volatile trading amid an online campaign by retail investors in response to other market participants who have sought to punish the video game retailer.