US STOCKS-S&P closes at record on tech boost as U.S. Treasury yields retreat

By Reuters5 days ago

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By Chuck Mikolajczak

NEW YORK, April 8 (Reuters) - The S&P 500 closed at a record high on Thursday, as U.S. Treasury yields fell following softer-than-anticipated labor market data, boosting technology and other growth stocks.

Weekly initial jobless claims data showed a second straight rise, conflicting with the recent payrolls report, and buttressed the Federal Reserve's dovish policy stance to keep interest rates lower for a substantial period.

Federal Reserve Chair Jerome Powell signaled on Wednesday the central bank is nowhere near reducing support for the U.S. economy, saying an expected rise in prices this year is likely to be temporary.

The softer data helped yields on the benchmark 10-year U.S. Treasury note fall as low as 1.628% for a second straight day as it continues to back away from a 14-month high of 1.776% hit in late March.

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