Stock Market Today: Stocks Bounce Back After Latest Jobs Data

With just two sessions left in 2022, bulls finally got the stock market surge they’ve been hoping for. The major market indexes staged a hearty rally Thursday, helped by a bad-news-is-good-news reading on the labor market in vapor-thin trading volume. 

The proximate cause for Thursday’s rally came courtesy of an uptick in weekly jobless claims (opens in new tab). The Labor Department reported that initial jobless claims rose by a more-than-expected 9,000 to 225,000 in the week ended Dec. 24. The squeaky tight labor market is a sticking point in the Federal Reserve’s efforts to slow the economy and bring down inflation. Any sign that hiring is cooling is considered a step in the right direction for the central bank to ease up on rate hikes