Categories: Market Overview

Dow jumps 1,100 points, heads for 3-day win streak as Wall Street shakes off record jobless claims

Stocks surged for a third straight day on Thursday as investors shrugged off the release of record-breaking initial jobless claims while the Senate passed a massive economic stimulus bill amid the coronavirus outbreak.

The Dow Jones Industrial Average jumped more than 1,100 points, or 5.4%. The S&P 500 gained 4.8% while the Nasdaq Composite advanced 4.1%. Those gains put the Dow and S&P 500 on track for a three-day winning streak.

Boeing, American Express and Nike drove the Dow’s gains, with each stock rising more than 8%. Utilities and energy were the best-performing sectors in the S&P 500 as both traded more than 5% higher.

The Labor Department said Thursday unemployment benefit claims soared to 3.28 million last week, a record. That number blew past the Great Recession peak of 695,000. However, the record-setting number was still better than some of the most dire estimates on Wall Street. Citi, for example, expected a spike to 4 million.

Thursday’s gain follows the S&P 500 and Dow completing their first two-day winning streak since February. Wednesday’s gains extended Tuesday’s historic rally, which saw the Dow register its best day since 1933 and post its largest single-day point gain in history. Tuesday was the S&P 500′s best day since 2008.

Stocks still have a lot of ground to make up for before returning to record highs. The Dow, S&P 500 and Nasdaq entered Thursday’s session down at least 24.9% from their respective all-time highs set last month.

Dow jumps 1,100 points, heads for 3-day win streak as Wall Street shakes off record jobless claims, CNBC, Mar 26

AddThis Website Tools
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team

Recent Posts

GBPUSD Wave Analysis – 18 March 2025

GBPUSD: ⬆️ Buy - GBPUSD reversed from support zone - Likely to rise to resistance…

4 hours ago

GBPAUD Wave Analysis – 18 March 2025

GBPAUD: ⬆️ Buy - GBPAUD reversed from the support zone - Likely to rise to…

4 hours ago

Solana Wave Analysis – 18 March 2025

Solana: ⬇️ Sell - Solana reversed from the resistance zone - Likely to fall to…

6 hours ago

CHFJPY Wave Analysis – 18 March 2025

CHFJPY: ⬆️ Buy - CHFJPY broke resistance zone - Likely to rise to resistance level…

6 hours ago

The crypto market is stuck in the mud

Market Picture The crypto market has been hovering in a narrow range for the past…

11 hours ago

FTSE 100 Wave Analysis – 17 March 2025

FTSE 100: ⬆️ Buy - FTSE 100 reversed from key support level 8425.00 - Likely…

1 day ago