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According to Blockworks, stocks and cryptocurrencies experienced an increase on Friday, even as the latest labor report indicated a resilient market. This suggests that the Federal Reserve may maintain interest rates at their current level for a longer period than previously expected. Despite numerous layoff announcements in the tech and media sectors, initial jobless claims filed last week were slightly lower than anticipated. Data from the Department of Labor revealed a 4% drop in initial unemployment claims from the previous week.

Nicolas Colas, co-founder of Data Trek Research, noted that actual claims last week were 6% lower than those for the comparable week in 2020, just before the pandemic crisis. Revised Consumer Price Index data also showed that prices rose less than initially reported in December, and slightly more than previously thought in October and November. Interest-rate futures prices indicated a 17% likelihood of a March rate cut, down from about 40% last month, according to data from CME Group.

Bitcoin (BTC) and ether (ETH) saw gains on Friday, extending this week's rally with bitcoin gaining 12% and ether increasing by 9%. Stocks also demonstrated resilience, with the S&P 500 closing above 5,000 for the first time ever, positioning it 1.4% higher over the past five trading days. The Nasdaq Composite surged 1% at the close and is trading up 2.4% over the week. In January, Fed Chair Jerome Powell indicated that a strong labor market would lead central bankers to hold rates higher, while increased inflation would call for a faster timeline for cuts.