Stocks rose from early-session lows on Thursday as banks, healthcare and energy stocks rebounded on hopes of more federal relief coming. Despite more grim economic data, the Dow Jones Industrial Average was able to snapped back from a three-day losing streak, carrying the S&P 500 and Nasdaq with it.
The U.S. Department of Labor reported a total of 2.981 million Americans filed for unemployment insurance during the week ending May 9. That number was above economic consensus that had predicted the number to be between 2.5-2.7 million. The addition set of claims brought the United States' unemployment total to nearly 36.5 million in two months.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, big banks--Bank of America
In Stock Sector News, almost every sector reversed their negative course on Thursday, leaving on Consumer Staples -0.31% behind. The positive performance gains were as follows: Financials +2.64%, Consumer Discretionary +1.31%, Information Technology +1.26%, Materials +1.23%, Health Care +1.07%, Communication Services +1.00%, Industrials +0.97%, Utilities +0.95%, Energy +0.94% and Real Estate +0.09%.
In Commodity and Currency News, June futures for West Texas Intermediate
As the Stock Market enters its final day of trading this week, investors will be focused on new economic data for retail sales, industrial production and consumer sentiment as well as earnings for JD.com