The US stocks extended gains on Thursday, 11 March 2021, with the Dow and S&P 500, and the broader Nasdaq soar to record highs, as a bigger-than-expected fall in weekly jobless claims and the passage of Washington's $1.9 trillion stimulus package reinforced expectations of a strong economic recovery.
At the close of trade, the Dow Jones Industrial Average index advanced 188.57 points, or 0.58%, to 32,485.59. The S&P500 index added 40.53 points, or 1.04%, to 3,939.34. The tech-heavy Nasdaq Composite Index climbed up 329.84 points, or 2.52%, to 13,398.67.
The markets benefited from optimism about the impact of more fiscal stimulus after the House passed a $1.9 trillion relief package, which President Joe Biden later signed into law. Buying interest was also supported by reports from the Labor Department showing first-time claims for U. S. unemployment benefits fell to a four-month low in the week ended March 6th.
ECONOMIC NEWS: US Initial Jobless Claims Ease Further-The advance figure for seasonally adjusted US initial jobless claims was 712,000, a decrease of 42,000 in the week ending March 6, from the previous week's revised level, the labor department noted.
The previous week's level was revised up by 9,000 from 745,000 to 754,000. The number of Americans filing for unemployment benefits is the lowest reading since the first week of November as more businesses reopened but still remain well above the level seen before the pandemic. Also, the 4-week moving average was 759,000, a decrease of 34,000 from the previous week's revised average. The previous week's average was revised up by 2,250 from 790,750 to 793,000. The American currency is seen retreating to a near one-week low to 90.36 against a basket of currencies as risk appetite improves on easing weekly employment data.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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