By Chuck Mikolajczak
NEW YORK (Reuters) -U.S. stocks closed near the thesame mark on Thursday, as financiers sorted through the newest business revenues, while financial information and remarks from Federal Reserve authorities recommended the main bank was notlikely to cut interest rates in the near future.
Economic information revealed that the labor market stayed resistant, as weekly preliminary joblessness declares were thesame from the prior week at 212,000 while a gauge of production in the mid-Atlantic area increased to a two-year high.
The strong labor market, current reading proving sticky inflation, and remarks from Fed authorities, consistingof Chair Jerome Powell, have led markets to back off expectations the main bank would cut interest rates by at least 25 basis points (bps) at its June conference.
“I wouldn’t be shocked if we go through a fall or spring where it’s an air pocket for a while,” stated Richard Alt, Principal and CEO at Carnegie Investment Counsel in Cleveland, Ohio, referring to a drop in stock rates.
“But the numbers are going to come in with joblessness low and 70% of this economy customer costs, if joblessness continues to be low customers will continue to invest, they’ll continue to travel, they’ll continue to need services and that’s going to drive incomes and costs up towards the end of the year.”
According to initial information, the S&P 500 lost 12.02 points, or 0.24%, to end at 5,010.19 points, while the Nasdaq Composite lost 82.35 points, or 0.52%, to 15,601.02. The Dow Jones In