- US stocks climbed on Thursday, continuing gains from Wednesday, as the Federal Reserve announced an additional $2.3 trillion in aid to businesses and governments.
- Data released Thursday morning showed weekly unemployment claims soared for a third week in a row, hitting 6.6 million for the period ended April 3.
- Oil rallied on expectations that OPEC and its allies will soon agree on production cuts - a virtual meeting between the group starts Thursday.
- Read more on Business Insider.
US stocks climbed on Thursday, continuing Wednesday's gains, as the Federal Reserve announced an additional $2.3 trillion in aid to businesses and governments.
The Labor Department also reported Thursday morning that weekly jobless claims were 6.6 million in the week ending April 4. The number was slightly lower than last week's record, which was revised up to 6.7 million. Still, nearly 17 million filings for unemployment insurance in three weeks is unprecedented as coronavirus continues to wreak havoc on the US economy.
"Overall, claims remain elevated at levels unlike any other point in American economic history," Glassdoor economist Daniel Zhao told Business Insider. "The unrelenting weekly deluge of UI claims shows how abruptly the coronavirus outbreak has plunged the labor market into crisis."
Here's where major US indexes stood at 9:55 a.m. ET on Thursday:
- S&P 500: 2,809.12, up 2.2%
- Dow Jones industrial average: 23,956.61, up 2.2% (523 points)
- Nasdaq composite: 8,215.85, up 1.5%
Oil gained roughly 5% as investors awaited news from a virtual meeting beginning today between OPEC and its allies. Expectations are that the largest oil producers will agree on production cuts, aiding slumping prices as the coronavirus crisis has cratered demand.
"Given the magnitude of the current economic crisis, there's a high chance of a deal being struck," Hussein Sayed, chief market strategist at FXTM told Business Insider. "Markets are pricing a 10 - 15 million barrels a day cut in oil production."
Investors also watched news on coronavirus pandemic. In the US, deaths from COVID-19 are 14,700 with nearly 430,000 cases. Globally, there are 1.5 million cases and more than 88,000 deaths. Some countries in Asia have seen a resurgence in cases after lifting protective lockdowns, sparking fear the same could happen elsewhere.
Markets will be closed Friday in observance of Good Friday in the US.
