U.S. Stock Market surges despite historic jobless claims


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.

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“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%.


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