The Dow Jones Industrial Average rose for a third day on Thursday as the latest unemployment data signaled the worst of the economic damage from the coronavirus pandemic may be over.
The Dow Jones Industrials poked up 54.26 points to 25,602.53. However, the 30-stock index traded well off its session highs; it had popped more than 100 points to start the day.
The S&P 500 nicked 3.19 points to 3,039.25.
The NASDAQ sagged 9.28 points to 9,402.96.
The S&P 500 is up 2.7%, while the NASDAQ has climbed 0.9% and the Dow is better by 4.4% since the start of the holiday-shortened week. The Dow is on track for its best week since the week ended April 8.
Stocks that would benefit from the economy reopening rose on Thursday. JPMorgan Chase, Citigroup and Wells Fargo all gained slightly. Dollar Tree popped more than 10% on the back of stronger-than-forecast quarterly numbers.
Shares of companies that rose on the back of stricter stay-at-home orders fell. Zoom Video slid 1.8%. Shopify shares dipped 1.1% while Amazon lost 0.4%.
Gains were kept in check after China’s National People’s Congress approved a national security bill for Hong Kong. The bill will bypass Hong Kong’s legislature, raising concerns over the longevity of Hong Kong’s “one party, two systems” principle, which allows additional freedoms mainland China does not have.
The U.S. Labor Department said Thursday another 2.1 million Americans filed for unemployment benefits last week. That’s more than a Dow Jones estimate of 2.05 million.
To be sure, the pace of new filings has dropped from previous weeks. Continuing claims, which represent a better unemployment picture, plunged by nearly four million in their first decline since the coronavirus outbreak.
Prices for the 10-Year Treasury were unchanged, leaving yields at Wednesday’s 0.69%.
Oil prices were also unchanged at $32.81 U.S. a barrel.
Gold prices jumped $12.80 to $1,739.60 U.S. an ounce.
