- The Dow Jones Industrial Average ended 0.9% higher, to close near 23,876,
- while the S&P 500 closed higher by 1.2%, taking it close to 2,881.
- The Nasdaq Composite up by 1.4% and erased the pandemic losses.
Despite more shocking jobless claims, US benchmarks on Thursday were climbing out from their mixed performance a day prior, with all three benchmarks climbing over 1.5% for the day, elevated on the easing of lockdown measures worldwide.
There were mixed feelings over the US Labor Department’s weekly jobless claims reporting a further 3.169 million individuals filing for new unemployment claims for the week ended May 2. Instead, markets cheered the syndication of nations and some US states opening up their economies again. France has been the latest nation to join the other major European economies in announcing measures to roll back lockdown restrictions, hoping to revive some activity and gradually get the economy up and running again.
Following a positive lead in European shares, US stocks rose with the Nasdaq jumping to more than 8,972.6, its closing level at the end of 2019 which has put the index back into positive for the year to date. The Dow Jones Industrial Average added about 212 points, 0.9%, to close near 23,876, while the S&P 500 added about 33 points or 1.2%, taking it close to 2,881.
US Nonfarm Payrolls up next
Meanwhile, US Nonfarm payrolls are expected to fall by 21.7 million with unemployment skyrocketing to 16%. “The challenge ahead for the labour market is how many jobs have been permanently displaced and how quickly unemployment will fall,” analysts at ANZ Bank explained.
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