RECAP

The $Dow Jones Industrial Average (.DJI.US)$ sank more than 500 points Thursday, while the $S&P 500 Index (.SPX.US)$ and the $Nasdaq Composite Index (.IXIC.US)$ fell as well as an earlier rally suddenly stalled in the early afternoon.

The Dow shed 530.16 points (1.4%) to a 38,596.98 close, while the S&P 500 gave up 64.28 ticks (1.2%) to 5,147.21 and the Nasdaq Composite fell 228.38 points (1.4%) to a 16,049.08 finish. All three indexes had been higher until about 1:30 p.m. ET, when they suddenly sank into the red.

MACRO

Initial U.S. jobless claims came in a little higher than expected on Thursday morning, up 9,000 to 221,000 for the week ended March 30. Economists had expected 214,000 claims. Meanwhile, layoffs increased to a 14-month high in March, according to the latest Job Openings and Labor Turnover Survey (JOLTS).

Investors are also eagerly awaiting the U.S. March non-farm payrolls report, due out at 8:30 a.m. ET on Friday.

Fed President Jerome Powell spoke shortly on Wednesday afternoon at a Stanford University fireside chat. He said the economic outlook was still uncertain. He said it is too soon to say if the higher-than-expected inflation in the year's first two months is more than just a bump.

While most Fed officials see a likelihood for interest-rate cuts to start at some point this year, "we do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%," Powell said.

After his business-as-usual discussion, stocks advanced, long-term Treasury yields pulled back, and the two-year Treasury yield climbed to 4.67%.

Mooers, what are you watching today?

Source: Bloomberg, Dow Jones, CNBC, Reuters
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