U.S. stocks trade higher Thursday, extending gains a day after the Federal Reserve offered no surprises as it signaled it could announce a plan to begin scaling back asset purchases as early as November.
A.K.A. Brands, a company targeting Gen Z and millennial shoppers with a fast-fashion business model, was facing further pushback from investors on Thursday, a day after a less-than-stellar stock market debut.
Investors were ready for the Federal Reserve to tee up a possible announcement of a tapering of its bond purchases in November in its policy statement Wednesday, but a slowing economic recovery could mire more hawkish monetary policy steps.
The Democratic-run House Transportation and Infrastructure Committee’s proposals for the party’s $3.5 trillion spending package include $4 billion for “reconnecting communities” and related projects, in a development that’s encouraging advocates who have pushed for tearing down highways that cut off neighborhoods.
Applications for U.S. unemployment benefits rose last week to a one-month high in what largely appears to be a case of California catching up on a backlog of claims. Initial jobless claims rose by 16,000 to 351,000.
Head of U.S. equity and quantitative strategy at Bank of America, Savita Subramanian offers her best strategy for navigating topsy-turvy financial markets as the U.S. economy attempts to claim a sustained recovery from COVID-19.