By Justin Pei
Los Angeles – Stocks surged on Thursday after the much awaited coronavirus relief package cleared the U.S. Senate, signaling that optimism around the stimulus package temporarily outweighed COVID-19’s acute damage to the U.S. economy.
The Labor Department’s weekly report on new unemployment claims showcased the growing toll of COVID-19 on the U.S. economy. New unemployment claims jumped to 3.283 million, far more than consensus economists expected and far above 2008 Financial Crisis levels.
“The increase in joblessness was due to the impacts of the COVID-19 virus ,” the Labor Department said in a statement. U.S. stocks finished higher on Thursday, recording their 3rd straight day of gains.
The Dow Jones Industrial Average finished up 6.4% or 1,352 points higher, having climbed more than 20% from its closing low of 18,591.93 on March 23. The S&P 500 closed up 6.2% while the Nasdaq Composite rose 5.6%.