- US stocks climbed on Thursday as investors mulled economic data and rebounding oil prices.
- Jobless claims hit 4.4 million in the week ended April 18, declining from previous periods but pushing the metric’s five-week total above 26 million.
- WTI crude soared as much as 23% to $16.95 a barrel after President Donald Trump tweeted the US will “shoot down and destroy” Iranian gunboats if they harass American ships.
- Watch major indexes update live here.
US stocks climbed on Thursday as markets mulled the latest economic data detailing the coronavirus’s economic fallout.
Jobless claims made in the week ended April 18 reached 4.4 million. It marked a decrease from previous weeks, but brought the metric’s five-week total to more than 26 million. The latest claims reading is nearly six times greater than the peak weekly level seen during the Great Recession.
Meanwhile, West Texas Intermediate crude contracts for June delivery leaped as much as 23% to $16.95 a barrel. The recovery follows President Donald Trump threatening to “shoot down and destroy” Iranian gunboats should they harass US vessels.
Here’s where major US indexes traded shortly after the 9:30 a.m. ET market open on Thursday:
- S&P 500: 2,820.77, up 0.8%
- Dow Jones industrial average: 23,660.55, up 0.8% (185 points)
- Nasdaq composite: 8,562.16, up 0.8%
Investors are now eagerly anticipating an economic reopening after weeks of halted activity and stifled demand. Treasury Secretary Steven Mnuchin said Wednesday that the White House expects "most of, if not all of, the economy open" by the end of August. Thursday's jobs report suggests a reboot could face snags as millions of Americans rush to rejoin the workforce.
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