U.S. Stocks Open Higher despite Jump in Jobless Claims
Wall Street stocks opened higher Thursday despite another dreadful round of economic data in the wake of coronavirus shutdowns, including the latest spike in US unemployment claims.
About an hour into the trading session the Dow Jones Industrial Average stood at 23,754.76, a gain of 1.1 percent.
The broad-based S&P 500 advanced 1.0 percent to 2,829.31, while the tech-rich Nasdaq Composite Index jumped 1.2 percent to 8,599.05.
Job losses from the coronavirus pandemic deepened last week with data showing another 4.4 million U.S workers filed new claims for jobless benefits, bringing the total to 26.4 mill.ion since mid-March.
The latest devastating US report came after eurozone data showing an "unprecedented" collapse in activity, according to analysis firm IHS Markit.
After falling sharply in March in anticipation of recession, U.S. stocks have mostly risen in April as investors have largely shrugged off poor data amid debates over how quickly the economy will rebound and the effect of unprecedented stimulus measures on real activity and financial markets.
Source: Agence France Presse
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