![\"tagreuters.com2023binary_LYNXMPEJ350O7-VIEWIMAGE\"](\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ350O7-VIEWIMAGE.jpg\")
<\/a><\/p>\nNEW YORK (Reuters) – U.S. stocks reversed an earlier sell-off to close higher on Thursday, and Treasury yields steadied, as investors digested weak labor market data ahead of a U.S. jobs report, seeking signs the Federal Reserve could pause on rate hikes.<\/p>\n
All three major U.S. stock indexes bounced back, turning green by early afternoon, with megacap momentum stocks putting the Nasdaq out front.<\/p>\n
Even so, the S&P 500 and Nasdaq finished the holiday-shortened week lower after three weeks of gains.<\/p>\n
The blue-chip Dow gained on the week.<\/p>\n
Economic data on Thursday suggested the U.S. labor market is feeling the effects of the Fed’s aggressive interest rate hikes designed to cool the economy and curb inflation.<\/p>\n
On Friday, a market holiday, the Labor Department is due to release its March employment report, and market participants will have the weekend to digest the data before Monday’s opening bell.<\/p>\n
“Markets are a bit oversold, especially if we\u2019re looking at the Fed being close to pausing rate hikes,” said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. “The market has marched higher, and volume has dried up a bit on the verge of a holiday weekend.”<\/p>\n
“A little bit of buying can really goose the market.”<\/p>\n
Financial markets have priced in 47% likelihood that the central bank will leave the Fed funds target rate at the 4.75% to 5.00% range at the conclusion of the next monetary policy meeting in May, and a 53% chance of 25-basis-point hike, according to CME’s FedWatch tool.<\/p>\n
“It\u2019s kind of a 50\/50 from investors whether there will be a rate hike at the next Fed meeting,” said Tom Hanlin, national investment strategist at US Bank Wealth Management in Minneapolis. “Investors are pricing in rate cuts before year-end, but the Fed has said they will keep rates at a high level for as long as it takes. <\/p>\n
“That gap is what\u2019s causing volatility in the markets,” Hanlin added.<\/p>\n
The Dow Jones Industrial Average rose 2.57 points, or 0.01%, to 33,485.29, the S&P 500 gained 14.64 points, or 0.36%, to 4,105.02 and the Nasdaq Composite added 91.10 points, or 0.76%, to 12,087.96.<\/p>\n
European stocks closed higher, led by gains in real estate and travel stocks, along with solid industrial production data from Germany. The pan-European STOXX 600 index rose 0.51% and MSCI’s gauge of stocks across the globe gained 0.15%.<\/p>\n
Emerging market stocks lost 0.35%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.44% lower, while Japan’s Nikkei lost 1.22%.<\/p>\n
U.S. 10-year Treasury yields inched higher following the jobless claims report, snapping a recent series sharp declines.<\/p>\n
Benchmark 10-year notes last fell 5\/32 in price to yield 3.305%, up from 3.287% late on Wednesday.<\/p>\n
The 30-year bond last rose 5\/32 in price to yield 3.5489%, down from 3.557% late on Wednesday.<\/p>\n
The greenback seesawed against a basket of world currencies in advance of Friday’s nonfarm payrolls report.<\/p>\n
The dollar index rose 0.05%, with the euro up 0.17% to $1.0921.<\/p>\n
The Japanese yen weakened 0.38% versus the dollar at 131.83, while Sterling was last trading at $1.2442, down 0.12% on the day. <\/p>\n
Crude prices settled higher, and notched a weekly gain following OPEC+ production cuts and a drop in U.S. oil inventories.<\/p>\n
U.S. crude edged up 0.11% to settle at $80.70 per barrel, and Brent settled at $85.12 per barrel, up 0.15% on the day.<\/p>\n
Gold dipped, extending losses as Wall Street rebounded, but the safe-haven metal posted a weekly gain on growing recession jitters.<\/p>\n
Spot gold dropped 0.7% to $2,007.19 an ounce.<\/p>\n
\n(Reporting by Stephen Culp; Additional reporting by Kevin Buckland in Tokyo and Naomi Rovnick in London; editing by Jonathan Oatis, Barbara Lewis and David Gregorio)<\/p>\n
![\"tagreuters.com2023binary_LYNXMPEJ350AQ-VIEWIMAGE\"](\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ350AQ-VIEWIMAGE.jpg\")
<\/a><\/p>\n![\"tagreuters.com2023binary_LYNXMPEJ3501Y-VIEWIMAGE\"](\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3501Y-VIEWIMAGE.jpg\")
<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"