Dow jumps over 270 points higher as stock market aims to extend post-Fed rally

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U.S. stock benchmarks on Thursday added to gains rung up on Wednesday, after the Federal Reserve indicated that it could begin tapering market-supportive bond purchases by the end of the year, which could set the table for interest rate increases by the middle of 2022. In U.S. economic data Thursday, the Labor Departmetn said first-time jobless claims rose to 351,000 last week, compared with expectations for a reading of 320,000 after a total of 335,000 the previous week, but investors didn’t offer a major reaction to the data.

The Dow Jones Industrial Average was climbing by about 320 points, or 0.9%, to 34,577, the S&P 500 index was rising 30 points, or 0.7%, at 4,425, and the Nasdaq Composite Index was trading 65 points, or 0.4%, higher at 14,962, near Thursday’s open.

Investors are waiting to hear if Evergrande will make an $83.5 million coupon payment due Thursday on its U.S. dollar bonds. Markets welcomed news on Wednesday that its property business would make an interest payment on an onshore bond. 

In corporate news, shares of Inc. CRM rose after the customer relationship management software company boosted its fiscal 2022 revenue outlook and provided 2023 guidance that was above expectations.

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