The stock market moved higher on Thursday, looking to build on recent gains a day after the Federal Reserve pledged to bring down inflation with more rate hikes.
Despite recession fears, the stock market is surging.
The S&P 500 gained 0.9% and the tech-laden Nasdaq was up 1.3% this week.
The tight labor market may be easing after the weekly jobless claims data showed that Americans filed for unemployment benefits at a slightly higher rate.
The June meeting minutes from the Federal Reserve warned that high consumer prices could become entrenched for longer but pledged to use "more restrictive" policy as needed.
Markets are pricing in a 75% chance that the Fed will deliver a 75 basis point rate hike at the upcoming meeting in July.
Despite fears of a recession, the price of US benchmark West Texas Intermediate jumped back above $100 per barrel.
Some of the biggest gainers on Thursday were energy stocks, with shares of Exxon Mobil and Chevron rising by 2% or more.
The S&P 500 is on track to record its first 4-day winning streak since at least May, even as markets recently posted their worst first half of a year since 1970 due to rising recession fears. The S&P 500 is down more than 20% so far in the year.
The stock split was approved by the board and will take effect on July 21.
Jamie Cox, managing partner for Harris Financial Group, says that the data is finally moving in the Fed's direction. A few more weeks of these types of numbers and maybe, just maybe, financial conditions are tight enough to allow the Fed to reduce the number of rate increases.
The Labor Department's official jobs report is due Friday and investors are nervously waiting for it. Economists think that the U.S. economy will add 250,000 jobs in June, but that is far below the 390,000 jobs added in May.
There is a risk that high inflation could become entrenched.
The price of oil has fallen below $100 per barrel for the first time.
Despite the yield curve inversion and global recession fears, stocks are clawing back losses.
The first half of a year has been the worst for stocks.
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