Stocks closed out a volatile session on Wall Street in positive territory Thursday after a brief drop that pushed the S&P 500 below 1,600, amid caution ahead of the government's monthly jobs report and as the U.S. dollar tumbled against the Japanese yen.
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"They yen is triggering everything," said Art Cashin, director of floor operations at UBS Financial Services. "They're worried about liquidations of carry-trade positions. It spills over into all the markets. And all the markets are a lot thinner than normal because a lot of people are standing aside because of tomorrow's [jobs] number."
Stocks briefly tumbled to session lows in midday trading as the greenback fell below 98 yen for the first time in over a month, before rebounding near session highs in the final hour of trading.
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