US stocks gain as stimulus optimism offsets the biggest jobless-claims surge since March
stocksgained on Thursday as optimism about President-elect Joe Biden's stimulus plan offset a surge in weekly jobless claims.
- The jobless-claims reading of 965,000 represented the biggest increase since March and the highest level since August.
- Democrats are weighing a multitrillion-dollar stimulus bill that would combine infrastructure spending and COVID-19 relief legislation.
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US stocks gained on Thursday as hopes for a massive stimulus bill from the Biden administration offset a surge in weekly jobless claims.
Jobless claims surged to 965,000 for the week that ended on Saturday, representing the biggest surge since March and the highest level since August. Economists had expected 800,000 jobless claims for the week.But traders appear more focused on a multitrillion-dollar stimulus bill floated by President-elect Joe Biden.
- S&P 500: 3,817.79, up 0.2%
- Dow Jones industrial average: 31,195.81, up 0.4% (135 points)
- Nasdaq composite: 13,173.57, up 0.4%
Bitcoin rebounded on Thursday and reclaimed the $39,000 level following a sell-off of more than 20% from its record high above $40,000. On Wednesday, European Central Bank President Christine Lagarde called for Bitcoin to be regulated globally.Read more: 'Vastly technically disconnected': A market strategist breaks down the 3 indicators that show Tesla is overpriced - and says it's due for a 17% correction in the next 6 weeks Virgin Galactic jumped 16% after Ark Invest disclosed plans to launch an exchange-traded fund focused on the space-exploration industry.
Plug Power fell 5% after JPMorgan initiated coverage of the hydrogen-fuel-cell manufacturer at "neutral" and set a $60 price target, representing downside potential of 14% from Wednesday's close.Gold rose as much as 0.4%, to $1,852.24 per ounce.
- IMF projects 11.5% growth rate for India in 2021, only major economy to record double digit growth
- Connaught Place to remain shut as farmers' tractor parade turns violent
- After violent clashes with police, farmers swarm Red Fort
- DMRC closed entry and exit gates of yellow, green, violet and blue lines in surge of farmers protest
- Delhi Police fires tear-gas shells on farmers near Akshardham temple and Sanjay Gandhi Transport Nagar