Wall St rallies on labour market data, earnings
Published on Feb 7, 2014 6:05 AM
NEW YORK (REUTERS) - United States (US) stocks posted their best day of the year on Thursday after a drop in applications for unemployment insurance boosted confidence in the economy and Disney's results overshot expectations.
The rally came ahead of the widely-followed payrolls report for January due on Friday, which some are expecting to be affected by the extreme weather that hit much of the US.
December's number was a much-lower-than-expected 74,000 and an upward revision would not be a surprise.
Initial claims for state unemployment benefits declined 20,000 last week to a seasonally adjusted 331,000. While the data has no direct bearing on January's employment report it bodes well for the jobs market and the overall economy.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!