The major averages jumped on weak economic data given more support for the Federal Reserve to lower interest rates next week. The Dow Jones Industrial Average jumped over 600 points, or 1.2%. The S&P 500 rose over 50 points or 0.8% while the Nasdaq Composite rose over 150 points or 0.75%.  All three major averages scored new intraday all-time highs in the trading day.

Meanwhile, the labor market received yet another sign that it’s slowing, as weekly jobless claims saw a surprise jump Thursday after job growth figures were revised down earlier this week. Workers filing for unemployment compensation for the week ended Sept. 6 increased 27,000 from the previous period to a seasonally adjusted 263,000, the highest level since October 2021. Inflation numbers were a little higher. The CPI reading showed an increase of 0.4% for the month, according to the Bureau of Labor Statistics, higher than the 0.3% that economists polled by Dow Jones were expecting.

The yield on the benchmark 10-year Treasury was last down more than 2 basis points to 4.01%. The 30-year Treasury yield fell more than 2 basis points to 4.64% while the 2-year yield was flat at 3.53%.

The rally today was led by financials, Healthcare, Real Estate, Basic Materials and consumer staples.  

Very few stocks are lower today. Oracle is down 5% following a 35% jumping on earnings and strong guidance for AI software.

In the commodity space, oil is down 2% on oversupply concerns and slowing demand. Gold is quiet while crypto currencies are higher by a percent.

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