The S&P 500 rose 1.1% Thursday as Federal Reserve Governor Christopher Waller signaled he could support holding rates steady this month. Treasury yields eased and major indexes extended gains ahead of Friday's nonfarm payrolls report.
Major indexes extend gains
The S&P 500 climbed 1.1% Thursday, building on its recent upward climb. The Dow Jones Industrial Average gained 1.2%, while the Nasdaq outperformed with a 1.4% advance. Small caps joined in too, as the Russell 2000 posted a 0.5% gain after skirting around negative territory earlier in the session.
Waller opens the door to a pause
Fed Gov. Christopher Waller, in a prepared speech Thursday, signaled that he would be willing to support holding the policy rate at its current level at the September meeting, provided upcoming inflation data makes progress toward the Fed's goal of 2%. Meanwhile, the 10-year Treasury yield ticked four basis points lower to around 4.76%. Elsewhere, West Texas Intermediate crude rose to around $91.65 a barrel, and bitcoin jumped to roughly $81,000.
Jobs data looms
Investors are now looking ahead to Friday, when the Bureau of Labor Statistics releases August's nonfarm payroll figures. Estimates suggest the economy added 55,000 jobs after July saw a decline of 23,000.
Earlier Thursday, the Labor Department said weekly initial jobless claims rose slightly more than expected, to 206,000 versus 203,000 the previous week, above economists' forecast of 205,000.
Sources: Investor's Business Daily, Federal Reserve
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