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U.S. stocks gain despite grim jobless report

Xinhua News,NEW YORK
2020-05-08 04:52

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NEW YORK, May 7 (Xinhua) -- Wall Street's major averages closed higher on Thursday as investors digested the newly-released weekly report on U.S. jobless claims.

The Dow Jones Industrial Average jumped 211.25 points, or 0.89 percent, to 23,875.89. The S&P 500 increased 32.77 points, or 1.15 percent, to 2,881.19. The Nasdaq Composite Index advanced 125.27 points, or 1.41 percent, to 8,979.66.

Nine of the 11 primary S&P 500 sectors ended higher, with energy and financials up 2.47 percent and 2.22 percent, respectively, outpacing the rest. Consumer staples and health care, however, struggled.

The moves came after more data showed the COVID-19 pandemic continues to wreak havoc on the U.S. economy.

Another 3.169 million Americans filed for unemployment benefits in the week ending May 2, the U.S. Department of Labor reported Thursday. That brought the seven-week total to about 33.5 million.

Investors also gauged the possibility of normalizing economic activities as a growing number of U.S. states planned to relax coronavirus-driven lockdowns.

"The main areas of interest will be seeing if there are any hot spots or flare ups after businesses reopen," Kevin Matras, an analyst at Zacks Investment Research, said in a note on Thursday.
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