After ending the previous session slightly lower, stocks have moved moderately higher in morning trading on Thursday. The major averages have all moved to the upside, although buying interest has been somewhat subdued.
Currently, the major averages are off their highs of the session but in positive territory. The Dow is up 85.25 points or 0.3 percent at 30,568.38, the Nasdaq is up 65.32 points or 0.6 percent at 11,118.40 and the S&P 500 is up 12.81 points or 0.3 percent at 3,772.70.
The strength on Wall Street comes as traders once again look for bargains, picking up stocks at relatively reduced levels following recent weakness in the markets.
While the major averages are positive for the week following a rally on Tuesday, they are not far off their worst levels in over a year.
Buying interest has remained somewhat subdued, however, as concerns about a potential recession continue to weigh on the markets.
Trading may once again be impacted by reaction to congressional testimony by Federal Reserve Chair Jerome Powell, who is appearing before the House Financial Services Committee.
Powell’s prepared remarks will mirror those he delivered to the Senate Banking Committee on Wednesday, although traders will be keeping an eye on the question-and-answer segment of his testimony.
During yesterday’s testimony, Powell indicated the Fed plans to continue moving expeditiously to combat inflation but argued the U.S. economy is strong enough to handle tighter monetary policy.
However, Powell later acknowledged that achieving a “soft landing” will be “very challenging” due in part to factors outside of the Fed’s control and noted a recession is “certainly a possibility.”
In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits edged slightly lower in the week ended June 18th.
The report showed initial jobless claims dipped to 229,000, a decrease of 2,000 from the previous week’s revised level of 231,000.
All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator
Read more from original source here…