US stocks climb as better-than-expected jobless claims offset stimulus concerns
- US stocks climbed on Thursday as better-than-expected jobless claims offset lingering stimulus worries.
- Gold notched another record high as investors continued to pile into the safe-haven asset.
- Investors continue to watch for signs of progress on the next stimulus bill from Washington.
- Read more on Business Insider.
US climbed on Thursday as better-than-expected jobless claims offset lingering stimulus worries.
Futures pared earlier losses and turned positive after the Labor Department said initial claims for unemployment insurance reached 1.2 million in the week that ended on Saturday; economists had expected 1.4 million filings. The figure was a decline from the previous week and represented the fewest filings since the coronavirus pandemic hit the US.
But concerns remain about the ability of Republicans and Democrats to agree on a new stimulus bill. The two parties are haggling over how much additional unemployment insurance to extend to out-of-work Americans.
Here's where US indexes stood at the 4 p.m. ET market close on Thursday:
- S&P 500: 3,349.16, up 0.6%
- Dow Jones industrial average: 27,386.98, up 0.7% (185 points)
- Nasdaq composite: 11,108.07, up 1%
Big technology company stocks gained, leading the Nasdaq to another record close. Apple rose 3% to an all-time high, and Facebook jumped more than 6%.
Earnings season continued. Nintendo jumped after reporting a more than 400% surge in profit driven by gamers playing Animal Crossing during the pandemic. Shares of Bristol-Meyers Squibb rose after the company reported profits that exceeded Wall Street's expectations. GoDaddy also gained after its earnings beat expectations.
Bausch Health rose after the company said it would spin off its popular Bausch and Lomb eye-care business. Rocket Companies, the parent of Quicken Loans and Rocket Mortgage, surged as much as 26% in its first day of public trading.
Gold's rally to fresh highs continued. The precious metal rose above $2,050 an ounce as investors flocked to the safe-haven asset.
The government is set to release its July nonfarm-payrolls report on Friday, showing how the labor market fared in the past month of the coronavirus pandemic recession and recovery. Economists expect the US economy to have added 1.5 million jobs, a positive figure but a slower pace than in earlier months.