Wall Street gains as US data bolsters rate cut hopes

Wall Street’s main stock indexes have advanced as recent economic reports boosted the prospect of monetary policy easing later this year while investors awaited policymakers to offer clues on the timing of the cuts.

Initial claims for state unemployment benefits rose to 221,000 for the week ended March 30 versus an estimate of 214,000 forecast by economists polled by Reuters, indicating a slowing labour market, which supports the Federal Reserve’s target of three rate cuts this year.