Daily Market Commentary

U.S. companies added 749,000 jobs in September, a private report showed, indicating the labor market's gradual rebound is continuing as demand rises from the depths of the coronavirus pandemic.

Home prices in 20 U.S. cities gained in July, pushed higher by demand for housing that has been fueled by low mortgage rates.

High-paid U.S. workers are benefiting from a strong stock market and lower expenses, allowing them to save more money than ever -- and spend more on holiday gifts. The less fortunate, meanwhile, are grappling with job losses, eviction and food insecurity.

JPMorgan Chase & Co. joined Goldman Sachs Group Inc. economists in dropping forecasts for U.S. economic growth in coming months thanks to the failure of Republicans and Democrats to seal a fiscal-stimulus deal.

Initial jobless claims in regular state programs increased by 4,000 to 870,000 in the week ended Sept. 19, still about four times pre-pandemic levels, according to Labor Department figures released Thursday.

The Mortgage Bankers Association's purchasing index jumped 3.4% in the week ended Sept. 18, hitting the highest level since January 2009.

Federal Reserve Chair Jerome Powell said the U.S. economy is improving but has a long way to go before fully recovering from the coronavirus pandemic.

Kaplan said he believes "strongly" that the Fed should keep its benchmark interest rate in a target range of zero to 0.25% until the economy has weathered the pandemic and is "well on track" to full employment and price stability, which could take at least two to three years.

U.S. stocks were mixed as investors searched for new catalysts to give direction to global markets. Treasuries and the dollar were little changed.

Jobless claims in regular state programs decreased by 33,000 to 860,000 in the week ended Sept. 12, which coincides with the reference period for the government's monthly jobs report, according to Labor Department figures released Thursday.