Stock Markets in New York Moved Slightly Higher on Thursday

Stock markets in New York moved slightly higher on Thursday. Investors were still chewing on the Federal Reserve’s interest rate decision that showed central bankers want to raise interest rates earlier than expected.

 

They also processed figures on U.S. unemployment claims that rose unexpectedly, for the first time since April.

Fed policymakers announced after their two-day meeting that they expect to raise interest rates in 2023, which is faster than expected. The corona support measures are therefore also being phased out somewhat faster.

That news is bad for the stock markets, and the major stock market indicators in New York already closed with a loss on Wednesday. Stock markets in Asia and Europe also fell for the most part.

U.S. benefit claims unexpectedly rose to 412,000 after the first four states withdrew additional corona benefits. The increase is expected to be a temporary bump, and the number of benefit claims will continue the decline that started in February.

The Dow-Jones index was 0.1 percent higher on Thursday after a few minutes of trading at 34,062 points. The broad-based S&P 500 was up 0.2 percent to 4230 points and tech Nasdaq also gained 0.2 percent to 14,062 points.

U.S. banks did well because of the Fed decision. Higher interest rates make it easier for them to make money. Banks such as Citigroup and Bank of America were up 0.4 percent.

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