Dow Closes at Record-High Amid Jobless Claims Report

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.

*The products advertised are only available to clients under Fondex Limited (SDL No: SD037). Trading CFDs involves significant risk of loss.