Stocks staged a broad rally Thursday as investors digest rising interest rates.
On the economic calendar, the Labor Department reported 214,000 weekly jobless claims were filed, little changed from 227,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, are edged down to 1.419 million, holding well below pre-pandemic levels.
Meanwhile, housing data came in very strong. Homes under construction in February rose 6.8% to a seasonally adjusted annual rate of 1.76 million – that’s up from 1.638 million in January. Permits for future construction slipped by 1.9% to 1.859 million in February. Also, the Philadelphia Federal Reserve's index of manufacturing activity for eastern Pennsylvania, southern New Jersey and Delaware rose to a reading of 27.4In cryptocurrencies, Bitcoin held above the $40,000 level.
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