new York Interest rate worries triggered by new economic data sent Wall Street up and down on Thursday and ended up closing more firmly. The Dow Jones index closed 0.3 percent higher at 33,153 points. The Nasdaq technology exchange index climbed 0.7 percent to 11,590 points, and the broad S&P 500 rose 0.5 percent to 4,012 points.
The US Federal Reserve’s preferred measure of inflation, the personal consumption expenditure index (PCE), was revised upwards from 3.2 to 3.7 percent for the fourth quarter just ended. In addition, the unexpected drop in initial US jobless claims fueled interest rate fears. There are fears that a robust labor market could prompt the Fed to tighten the reins on rate hikes again.
According to experts, the second estimate of economic output, with an increase of 2.7 percent, does not indicate that the Fed will soon be taking its foot off the gas when it comes to interest rate policy.
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