Summary
Stocks and cryptocurrencies rose on Friday despite layoff announcements in the tech and media sectors. Initial jobless claims were slightly lower than expected, indicating a resilient market. Revised Consumer Price Index data showed that prices rose less than initially reported in December. Interest-rate futures showed a decreased likelihood of a March rate cut. Bitcoin and ether continued their rally, with bitcoin gaining 12% and ether moving 9% higher this week. The S&P 500 closed above 5,000 for the first time ever, while the Nasdaq Composite surged 1% at the close. The Federal Reserve is likely to hold interest rates at their current level for longer than previously anticipated.
Key Points
1. The latest labor report showed a resilient market, indicating that the Federal Reserve is likely to hold interest rates at their current level for longer than previously anticipated.
2. Initial jobless claims dropped 4% last week, coming in slightly lower than expected, despite high-profile layoff announcements in the tech and media sectors.
3. Revised Consumer Price Index data revealed that prices rose less than initially reported in December, but slightly more than previously thought in October and November.