Stocks rose for a third time this week 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 gained 131.44 points to 25,679.71.
The S&P 500 added 18.88 points to 3,055.52.
The NASDAQ zoomed 72.23 points to 9,484.58.
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.
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 lower, raising yields to 0.7%, from Thursday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices picked up 85 cents to $33.66 U.S. a barrel.
Gold prices jumped $6.80 to $1,733.60 U.S. an ounce.