Producers of metals and other raw materials rose, and the sector tested all-time highs amid renewed hopes for rate cuts later this year.
The SPDR Select Sector Materials excahnge-traded fund, which tracks the materials industry group of the S&P 500, is up about 10% for the year to date, and within 2% of all-time highs.
Initial jobless-benefit claims rose by 22,000 to 231,000 in the week ending May 4, hitting their highest mark since August, the U.S. Labor Department said. Weak economic data has tended to buoy rate-sensitive sectors as it gives the Federal Reserve leeway to cut rates this year as originally planned.
"At the end of the day, we look to the Fed and say: 'what are they going to do, are they going to ruin the party or bring more champagne?'" said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-09-24 1722ET
