Wall Street rose for the third time in four days on Thursday as the U.S. Federal Reserve rolled out a massive $2.3 trillion program to bolster local governments and businesses, while oil prices gained on expectations of a drastic cut in output.
FILE PHOTO: A man crosses a nearly deserted Nassau Street in front of the New York Stock Exchange in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar
“While this rally has been impressive, the market probably is a little bit of ahead of itself and we would not be surprised to see a pullback from here.” Meanwhile, data showed initial U.S. jobless claims fell slightly last week to 6.6 million, from an upwardly revised 6.87 million the week before. “A rally doesn’t mean we’re out of the woods just yet nor that volatility is a thing of the past,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial Corp in New York.
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