New York, Aug. 25 (BUS): Stocks rose on Thursday to recoup more of their recent losses, as the countdown approached zero for a highly anticipated speech on interest rates.
The S&P 500 is up 0.7% in another relatively quiet trading day. Stocks have been drifting through mostly modest gains and losses since Monday slipped to their worst day in months, as traders refrained from making big moves overall.
The Dow Jones Industrial Average was up 112 points, or 0.3%, at 33.081, as of 2:40 p.m. ET, and the Nasdaq Composite was up 1%, according to the Associated Press.
Treasury yields were falling to relieve some pressure on Wall Street after several reports on the economy.
Fewer workers filed for unemployment claims last week than expected, in an encouraging sign for a labor market that has been the mainstay of an economy struggling with high inflation.
Meanwhile, the revised reading of the general economy indicated that its contraction during the spring was not quite as bad as previously thought.
It shrank 0.6 percent on an annual basis, according to the government’s second preliminary reading, less moderate than its initial estimate of 0.9 percent.
The 10-year Treasury yield, which influences mortgage rates, fell to 3.03% from 3.11% late Wednesday.
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