Stocks spent most of Thursday in positive territory thanks to strong gains in several mega-cap names. However, the main indexes took a nosedive in the final hour of the session as anxiety ramped up ahead of tomorrow morning's release of the March nonfarm payroll report.
Comments from Minneapolis Fed President Neel Kashkari also poured cold water on the market's earlier momentum. In an interview with Pensions and Investments Magazine, the central bank official wondered if it's even necessary to cut interest rates with the economy as strong as it is. "If we continue to see inflation moving sideways, it would make me question whether we needed to do those rate cuts at all," Kashkari said.
