The number of Americans filing new applications for unemployment benefits fell more than expected last week, suggesting the labor market continued to chug along, though risks are mounting from tariffs.

The S&P, which most closely tracks the overall economy, has climbed over 5,500 (peaked 6,144 in February 2025), as the DOW, which peaked at over 45,000 in December, is up for the week and is now back over 41,000, while the volatile NASDAQ, which also peaked at over 20,000 in December, is near 18,000.

Companies are holding on to workers, despite uncertainty over trade policy and the contraction in first-quarter GDP.