Reuters
U.S. stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future. Economic data showed that the labor market remained resilient, as weekly initial unemployment claims were unchanged from the prior week at 212,000 while a gauge of manufacturing in the mid-Atlantic region rose to a two-year high. The solid labor market, recent reading showing sticky inflation, and comments from Fed officials, including Chair Jerome Powell, have led markets to back off expectations the central bank would cut interest rates by at least 25 basis points (bps) at its June meeting.