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US market session wraps; Major Indices energized on an upward trend with positive economic news
Stocks jumped on Thursday session high enough for both NASDAQ and S&P to set new record highs.
The Dow was able to gain more than 300 points or almost 1%. NASDAQ and S&P set new highs for intraday session as well as on market wrap. Tech stocks were going up again after being suppressed for a long time as a result of the Federal Reserve's statement about the updated outlook for interest rate hike and inflation. Because of this, the investors that were originally on cyclical stocks shied away from it and switched back to tech stocks, which greatly affected the "reopening" stocks of airlines and cruise lines.
The new data on the weekly jobless claims report also came in today which reflected a drop in number of new filings, though the drop was less that what was expected. Then on Friday, July 2, the print on PCE (personal consumptions expenditures)
These information and reports are considered most important as it will be dictating the trend for the market as this information are what the investors are watching out for. Here's a quick summary for Thursday's market session:
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