U.S. stock indices rise along with Treasury yields as weak economic data prompts investors to gauge path for higher interest rates

U.S. equity benchmarks rose after midday on Thursday and government bond yields jumped as jobless claims hit their highest level since January, prompting investors to gauge the pace at which the Reserve federal government will continue to raise interest rates as the economy softens.

The Dow Jones Industrial Average rose 0.8% to 31,294.2, the S&P 500 rose 1.2% to 3,889.4 and the Nasdaq Composite rose 1.8% to 11,561.5. Energy, Consumer Discretionary and Technology were among the best performers, with all but one sector, Consumer Staples, in positive territory.

The US 10-year yield jumped 9.5 basis points to 3.01% intraday.

West Texas Intermediate futures jumped 5.7% to $104.14.

The seasonally adjusted number of initial jobless claims rose by 4,000 to 235,000, the highest level since Jan. 15, in the week ended July 2, the Labor Department said Thursday. The consensus on Econoday was 230,000. The previous week’s level was not revised to 231,000.

The ADP Research Institute and Stanford Digital Economy Lab said in late June that they were revamping ADP’s National Jobs Report methodology to provide a “more robust, high-frequency view” of the labor market and economic growth. The duo are targeting August 31 for the reintroduction of the new ADP National Employment Report.

You might also like

Previous How inflation fears led to a historic global bond rout
Next Europe close: Stocks extend gains on economic data, China stimulus talks