NEW YORK, April 9 (Xinhua) -- U.S. equities posted solid gains in the holiday-shortened week amid growing hopes in the fight against the COVID-19 pandemic and the Federal Reserve's latest efforts to support the economy.
For the week, the Dow spiked 12.67 percent, and the Nasdaq climbed 10.59 percent, while the S&P 500 gained 12.1 percent, marking its best weekly performance since 1974, according to Dow Jones Market Data. The U.S. stock market will be closed Friday in observance of Good Friday.
The stocks rallied in three of the four sessions for the abbreviated week. On Thursday, Wall Street finished higher as investors appeared to look past another massive jump in U.S. jobless claims.
The number of initial jobless claims in the United States totaled 6.6 million last week amid mounting economic fallout from COVID-19, following a similarly staggering figure the week earlier, the U.S. Bureau of Labor Statistics reported on Thursday.
The newly released number came after the figure spiked by 3 million to reach a record 3.3 million in the week ending March 21, and then surged by 3.34 million to reach 6.65 million in the week ending March 28, which was revised up to 6.87 million in the new report.
COVID-19 continues to impact the number of initial claims. Its impact is also reflected in the increasing levels of insured unemployment, the bureau noted.
The Federal Reserve on Thursday announced additional actions to provide up to 2.3 trillion U.S. dollars in loans to support the economy.
"This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic," the U.S. central bank said in a statement.
"The number of new claimants since the coronavirus hit the numbers is 17 million. Bear in mind, many people are out of work and have not filed. Many more are not eligible," Chris Low, chief economist at FHN Financial, said in a note on Thursday.
"Stocks are up because the damage to the economy -- evident in claims -- is beyond comprehension, while the response of the Fed is easier to understand," he added.
Various data showed the COVID-19 pandemic has already hurt the world's largest economy.
The small-business owners' confidence in the U.S. economy dropped by the most ever in March as the coronavirus outbreak devastates the economy, according to the National Federation of Independent Business (NFIB).
The NFIB Small Business Optimism Index fell 8.1 points in March to 96.4, the largest monthly decline in the survey's history, the group said Tuesday in a report.
Sentiment remains volatile, but investors stay hopeful about a potential slowdown in the growth of novel coronavirus cases, experts noted.
More than 456,000 COVID-19 cases have been reported in the United States as of Thursday afternoon, including 16,267 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.
"In the near term, we believe market performance primarily depends on how quickly economic activity can normalize following measures to contain the virus; and the extent to which policy responses can limit bankruptcies and job losses," said UBS Global Wealth Management's Chief Investment Officer Mark Haefele in a research note.
The market also found some support after U.S. Democratic presidential candidate Bernie Sanders dropped out of the race Wednesday, paving the way for the party's only remaining candidate Joe Biden to become the Democratic nominee.
The news boosted the market mood as Biden is viewed by Wall Street as a more market-friendly candidate than Sanders, according to analysts.
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