© Reuters. FILE PHOTO: Traders wearing masks work on the first day of in-person trading since closing during the coronavirus disease (COVID-19) outbreak on NYSE floor in New York
(Reuters) – US stocks were higher on Thursday, extending recent gains after another string of positive gains and data suggesting the labor market may stabilize.
Hopes for further progress on a pandemic relief package has also boosted the market. Senate Democrats on Thursday stood ready to take a first step towards final approval of President Joe Biden's $ 1.9 trillion COVID-19 relief proposal.
The Department of Labor report found that 779,000 Americans filed new unemployment benefits last week, down from 812,000 the previous week when authorities began easing pandemic-related restrictions on businesses.
The government's monthly employment report, closely watched on Friday, is expected to create 50,000 new jobs in January after falling sharply in December.
"There's news about vaccines, the economic data is a little better, revenues have been pretty good across the board, and there is still talk of a $ 1.9 trillion stimulus package. So all of these things are good for them Wall Street, and that's why we're good. " The market continues to recover, "said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.
The Dow and were on the right track for a fourth straight day.
The major indices have also rallied strongly this week as the recent social media spending spree appeared to have stalled after a bout of market volatility last week.
The S&P 500 rose by 276.65 points or 0.9% to 31,000.25, the S&P 500 rose by 32.95 points or 0.86% to 3,863.12 and the additional 119.62 points or 0, 88% to 13,730.16.
Video game retailer GameStop Corp. (NYSE 🙂 fell 36.3% while cinema operator AMC Entertainment (NYSE 🙂 Holdings Inc was down 20.0% as Treasury Secretary Janet Yellen said she and financial regulators need to "understand deeply" what is going on in the recent Retail rage before the takeover happened is some action.
Stronger-than-expected fourth-quarter results so far have pushed expectations higher, and the S&P 500 companies are on track to deliver earnings growth for the quarter rather than declining as originally expected.
A pandemic-induced surge in online shopping during the holiday season helped e-commerce company eBay Inc (NASDAQ 🙂 and payment platform PayPal Holdings Inc. (NASDAQ 🙂 Top quarterly earnings estimates.
Advancing issues outperformed declining issues on the NYSE by a ratio of 2.32 to 1; On Nasdaq, a ratio of 2.61 to 1 favored the advanced.
The S&P 500 posted 22 new 52-week highs and no new lows. The Nasdaq Composite made 224 new highs and 2 new lows.
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