The Department of Labor reported that Initial claims for unemployment benefits fell by 34,000 in the week ending May 8 to 473,000, is he lowest level since the week of March 14, 2020. The reading was better at 490,000 of the market consensus.
The Continued orders fell by 45,000 in the week ended May 1 to 3,655,000. The figure was in line with expectations.
At the same time, wholesale inflation data was also released. The dollar it weakened on the reports and cut earnings. Stocks bounced higher and yields fell.
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