The S&P 500 and Dow rose on Thursday after upbeat results from Cisco, while investors assessed minutes of the U.S. Federal Reserve's last policy meeting which showed most officials held a hawkish view on interest rates.
U.S. stocks had ended lower on Wednesday as the Fed minutes fueled worries the central bank could tighten monetary policy further, after recent data on retail sales and industrial production highlighted resilience in the U.S. economy.most policymakers continued to prioritize the battle against inflation, while few participants cited risks to the economy if rates were pushed too high.
"There's reason to continue to have another interest rate increase from here and then holding that longer than the market expects to," said Thomas Martin, senior portfolio manager at Globalt Investments. Underscoring strength in the labor market and diminishing hopes for a pause in policy tightening, initial weekly jobless claims fell to 239,000 in the previous week, compared with expectations of 240,000.
Traders' bets on a rate hike pause from the Fed in September slipped to 86.5% from about 89% a week earlier, according to CME Group's Fedwatch tool. The yield on 10-year Treasury notes hit a fresh 10-month high on Thursday while that on the two-year Treasury note , which best reflects short-term rate expectations, edged lower to 4.94%.
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