(Bloomberg) -- Stocks rebounded as data showing the economy is strengthening rapidly overshadowed concern over potential inflationary pressures.Most major groups in S&P 500 rose, with the Dow Jones Industrial Average climbing to another record. Shares of vaccine makers trimmed losses on news that German Chancellor Angela Merkel opposes the U.S. plan to support a proposal to waive patents for Covid-19 shots. PayPal Holdings Inc. rallied as its results topped Wall Street estimates.Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor market conditions continued to improve and the economy reopened more broadly. Traders are now awaiting Friday’s employment report, which is expected to show the U.S. added about 1 million jobs in April -- a sign that fewer business restrictions are bringing more Americans back to work.“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”After closing at a fresh high on Wednesday, the Dow Jones Transportation Average -- considered a barometer of economy activity -- surged 25% above its 200-day moving average. The move could be “perceived as indicative of strength likely to continue in the broader equity market,” said Bloomberg Intelligence’s Gina Martin Adams.These are the main moves in markets:StocksThe S&P 500 rose 0.4% as of 11:45 a.m. New York timeThe Nasdaq 100 rose 0.4%The Dow Jones Industrial Average rose 0.6%The Stoxx Europe 600 fell 0.1%The MSCI World index rose 0.4%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.4% to $1.2050The British pound fell 0.2% to $1.3877The Japanese yen was little changed at 109.18 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.57%Germany’s 10-year yield was little changed at -0.23%Britain’s 10-year yield declined three basis points to 0.79%CommoditiesWest Texas Intermediate crude fell 0.7% to $65 a barrelGold futures rose 1.7% to $1,815 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Wall Street stocks saw a mixed closing after positive economic data