• Business - Market Data
  • Updated: March 11, 2021

Dow, S&P 500 Hit New Record Highs After Jobs Report

U.S. stocks traded in record territory on Thursday, with the blue-chip Dow index headed for its fifth straight gain and another record close while the S&P 500 index was trading above its own record closing peak for the first time in about a month.

This is due to the easing worries about rising inflation, as well as a bigger-than-expected fall in weekly jobless claims reinforcing expectations of a labor market recovery.

READ MORE: Nasdaq Leads The Charge As Tech Stocks Boom

Markets held onto overnight gains after a weekly report on Americans seeking unemployment benefits fell to the lowest level since early November, amid COVID-19 vaccine distribution and another Congressional fiscal aid package, a year after the World Health Organization declared COVID-19 a pandemic.

“The drop in jobless claims is another win for the week and a solid sign that we’re making some strides toward pre-pandemic life,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial.

Investors were also parsing a monetary policy update from the European Central Bank a week ahead of the Federal Reserve’s meeting.

The Dow Jones Industrial Average surged 321 points, or 0.99 percent, to 32,618.32, beating its intraday all-time high at 32,557.94. The S&P 500 gained 1.45 percent or 56.86 points to a new record high of 3954.78. The tech-heavy Nasdaq rose by 318 points or 2.4 percent to 13,385.

Get the FREE app

Read the latest and trending news in Nigeria and around the World



Join our Telegram platform to get news update Join Now
Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

More From this Author

0 Comment(s)