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Market Update: Wall Street Struggles to Keep Momentum
US stocks pared gains in afternoon trading on Thursday, nearly erasing a 200-point gain in the Dow Jones, as much of the initial enthusiasm over better-than-expected jobless claims numbers faded, with investors once again rattled by concerns about runaway inflation. The initial claims fell to a fresh pandemic low of 406K, well below forecasts of 425K. However, looking at how markets have been trading erratically this week, the main driver will be Friday’s April PCE report. The Fed’s preferred inflation measure is seen jumping to 2.9% in April, the highest since 1993, while any reading much above expectations could force the US central bank to rethink the timing to exit its extremely loose monetary policy. [/s2If]
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