Stock market news today: Dow rises as stocks try to shake off dismal 2024 start
Karen Friar·Yahoo Finance Editor
Thu, Jan 4, 2024, 11:29 AM EST
US stocks stalled on Thursday, struggling to shake off a dismal start to the year after Federal Reserve policymakers left hopes for an early interest-rate cut hanging.
The Dow Jones Industrial Average (^DJI) popped about 0.2%, while the benchmark S&P 500 (^GSPC) was down about 0.1%. Tech stocks signaled a return to their Wednesday selloff, as the Nasdaq Composite (^IXIC) dropped about 0.4%.
Investors looking for confirmation of bets on a March rate cut got uncertainty instead in the Fed minutes released Wednesday. While officials agreed rates had reached a peak and should be lower by the end of 2024, some signaled that they could stay at their historically high levels "for some time" depending on the path of inflation.
Multiple data points released Thursday morning showed the labor market remains intact while wages continue to cool, a welcome sign in the fight against inflation.
The latest ADP employment report showed private companies added 164,000 jobs in the month of December, above November's reading of 103,000 and higher than analysts expectations for 115,000 additions.
Elsewhere, the Department of Labor reported that 202,000 jobless claims were filed last week, below economist estimates for 216,000.
Meanwhile, US bond yields returned to gains, with the 10-year Treasury yield (^TNX) edging closer to 4% after falling away from that level on Wednesday.
In commodities, oil prices rose to build on the previous day's jump as supply troubles in Libya and Red Sea tensions kept the market on edge. West Texas Intermediate crude (CL=F) futures traded around $73 a barrel, while Brent crude (BZ=F) was above $78 a barrel.
