Dow Closes at Record-High Amid Jobless Claims Report

07 May 2021

    The Dow has closed at a record high on Thursday, having received a boost from the positive weekly jobless claims report.


    Lifted by Apple, S&P 500 rose after a Labor Department report showed initial claims for state unemployment benefits reached a an adjusted 498,000 for the week ended May 1, compared with 590,000 in the previous week. The S&P 500 financials index became the top performer among the 11 sectors, gaining 1.4%.


    "Investors are encouraged by the low-interest rates and the stimulus that the government is putting into the economy. We're also seeing substantial increases in economic projections and earnings forecasts”, Sam Stovall - chief investment strategist at CFRA Research commented.


    "One sector we are seeing a lot of opportunities in is the financial sector. We see it as one that should benefit from higher interest rates and a stronger economic recovery" said Ann Guntli - portfolio manager of RMB Capital.


    Microsoft, Apple, Facebook and Amazon have all risen over 1%.


    The Dow Jones Industrial Average rose 0.93% to end at 34,548.53 points, while the S&P 500 gained 0.82% to 4,201.62.

    Nasdaq had gained 0.37% to 13,632.84.

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