Stocks dip, dollar edges higher after US labor market, inflation data

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Stocks dip, dollar edges higher after US labor market, inflation data - Channel News Asia

Quick Summary:

NEW YORK :A gauge of global stocks was lower for a third straight session on Thursday, after U.S.economic data indicated the labor market remains solid while progress on tamping down inflation may be waning.

The Labor Department said initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 217,000 for the week, slightly below expectations of economists polled by Reuters calling for 223,000 claims, suggesting the weak October government payrolls report was an anomaly.

Stocks initially rallied in the wake of the U.S.presidential election but have stalled in recent days.On Wall Street, U.S.stocks were little changed after the data as investors looked towards comments from Federal Reserve Chair Jerome Powell later in the day.