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The NASDAQ Composite hit an all-time high on Thursday as major tech shares outperformed once again amid rising coronavirus cases.
The Dow Jones Industrials sank 13 points to 25,956. Walgreens was the biggest decliner in the Dow, dropping about 7% on weaker-than-expected earnings for the previous quarter. Walgreens also suspended a share repurchase program.
The S&P 500 inched up five points to 3,168.50, and posted an all-time closing high.
The tech-heavy NASDAQ zoomed 68.25 points to 10,530.50, also notching a record high.
Since last week’s close, the S&P 500 gained 1.3%, the Dow improved 0.9% and NASDAQ strengthened 2.8%. The NASDAQ is up 29.7% over the last three months.
Netflix gathered 1.2%, and Microsoft was up 1.1%. Apple advanced 0.5%. Facebook, Amazon and Alphabet also rose.
These stocks have outperformed this week as investors grow concerned the recent global coronavirus spikes could prolong the current economic downturn and force people to stay home for longer.
Amazon is up more than 7% week to date and Alphabet has gained over 3% in that time period. Microsoft, Facebook and Apple are all up more than 4% for the week.
The U.S. Labor Department said 1.314 million Americans filed for unemployment benefits last week. Economists polled by Dow Jones expected a print of 1.39 million. Continuing claims fell by 698,000 to 18.06 million.
More than three million coronavirus cases have been confirmed in the U.S. alone, according to Johns Hopkins University. Globally, over 12 million cases have been confirmed.
Prices for the 10-Year Treasury were up, dropping yields to 0.63% from Wednesday’s 0.66%. Treasury prices and yields move in opposite directions.
Oil prices fell 37 cents to $40.53 U.S. a barrel.
Gold prices added $1.50 to $1,822.10 U.S. an ounce.
