S&P 500, Nasdaq hits record highs after jobless claims fall to lowest since March 2020

• The S&P 500 and Nasdaq hit record highs Thursday after jobless claims fell to the lowest level since March 2020.
• Jobless claims fell to 340,000 last week, beating Bloomberg economist estimates of 345,000.
• Continuing claims fell to 2.75 million for the week, coming in slightly below estimates.
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US stocks moved higher on Thursday, with the S&P 500 and Nasdaq hitting record highs after jobless claims fell to their lowest level since March 2020.

Jobless claims fell to 340,000 last week, beating economist estimates of 345,000. Meanwhile, continuing claims fell to 2.75 million for the week, coming in slightly below estimates.

The jobless claims data signals ongoing strength in the economic recovery from COVID-19, which coincides with a strong second-quarter earnings season from S&P 500 companies.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:

• S&P 500: 4,540.63, up 0.37%
• Dow Jones Industrial Average: 35,434.41, up 0.35% (121.88 points)
• Nasdaq Composite: 15,364.50, up 0.39%

Shares of Chewy plunged as much as 10% after second-quarter earnings results missed analyst estimates and showed a slow-down in growth.

The US division of Binance is considering an IPO within the next three years as cryptocurrency interest soars among investors.

Cardano's ada cryptocurrency soared above $3 for the first time ever on Thursday after network upgrades enabled smart contracts.

JPMorgan believes the surge in retail trading spilled over to cryptocurrency altcoins that have seen a surge in popularity this summer.

Oil prices jumped. West Texas Intermediate crude was up as much as 1.30%, to $69.48 per barrel. Brent crude, oil's international benchmark, rose 1.10%, to $72.38 per barrel.

Gold fell as much as 0.08%, to $1,814.60 per ounce.