A broad rally sent Wall Street to a sharply higher close on Thursday, recovering ground lost over recent sessions as market participants snapped up bargains while digesting the implications of a shifting pandemic.
It was the S&P 1500 Airlines index's best one-day performance since Nov. 9, 2020, when Pfizer Inc
announced the vaccine it developed with BioNTech was more than 90% effective in preventing COVID-19 infection. Jobless claims and planned layoffs data provided further evidence that employers are increasingly disinclined to hand out pink slips amid a tight labor market, the result of booming demand colliding with worker scarcity and low labor market participation.
"We're optimistic we’ll have another strong number, suggesting the economy continues to be on very firm footing," Detrick added. "We’re watching wage growth for any hints of potential inflationary worries."
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