U.S. stocks climbed on Thursday, inching closer to record highs as investors prepared for Friday’s key jobs report. The S&P 500 rose by 0.7%, nearing its all-time peak, while the Dow Jones Industrial Average gained 0.6%, with the Nasdaq composite up by 0.9%.
Conagra Brands saw a 4.1% increase after reporting a smaller revenue decline than expected for the latest quarter, along with better-than-forecasted profits. Levi Strauss also jumped 16.3% after surpassing quarterly expectations and slightly raising its full-year profit forecast.
However, Lamb Weston faced a 12.8% drop due to challenges with a new planning system impacting customer orders, leading to a lower sales and profit outlook for the year.
The S&P 500’s weekly loss was trimmed to 0.1% following earlier declines this week, triggered by strong U.S. economic data that raised concerns about potential cuts to interest rates by the Federal Reserve.
Investors are closely watching the job market for signs of cooling, which could alleviate inflation pressures without causing a recession. Economists expect the upcoming job report to show a slowdown in March hiring compared to February.
In the bond market, Treasury yields remained steady after an initial rise following the jobless claims report. The 10-year Treasury yield eased to 4.32%, while the two-year yield held steady at 4.67%.
Stocks in Europe were mixed, and trading was closed in Taiwan and China for a national holiday. Analysts believe Taiwan Semiconductor Manufacturing Co. may see faster relief for its facilities after a recent earthquake.
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