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May 27 Reuters The Dow was set to open slightly higher on Thursday after data showing fewer weekly jobless claims pointed to an improving outlook for the U.S. economy.
The number of Americans filing new claims for jobless benefits stayed below 500,000 for a third straight week, the Labor Departments report showed. A separate report confirmed that the U.S. economy accelerated at its fastest pace in nearly four decades in the first quarter.
We expect to see continuing trends of lower jobless claims and have a keen eye on the personal consumption expenditures data today and tomorrow that could show further growth in consumption, aiding prospects of a faster economic recovery, said Robert Pavlik, senior portfolio manager, Dakota Wealth, New York.
But unless economic data really shocks on the upside, we might not see too much change in market going into the long weekend, Pavlik added.
Worries about rising inflation and a potential tightening of policy have weighed on Wall Streets main indexes in May, with the benchmark SP 500 on course for its smallest monthly gain in four.
Those concerns, however, eased this week as a number of Fed officials said the central bank would maintain its dovish stance, even as they acknowledged they were…