• The Dow rose for a seventh straight session on Thursday. 
  • Despite jobless claims coming in higher than the previous week, Citi analysts said the reading was still low. 
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US stocks accelerated in afternoon trading on Thursday, propelling the Dow Jones Industrial Average to its seventh consecutive day of gains to mark its longest winning streak of 2024.

Despite a shaky start to the day, the major stock averages rose steadily after the latest jobless claims came in higher than expected, bolstering the case for rate cuts from the Federal Reserve amid a cooling labor market. 

Tech giants, including Apple, Meta, Microsoft, and Amazon, all gained on the day. Shares of Caterpillar and Home Depot led the way in powering the Dow Jones higher. 

A $25 billion sale of 30-year Treasury bonds saw good demand, which helped yields come down and bolster gains for stocks. 

The latest data showed weekly jobless claims hitting their highest level since August, jumping to 231,000 and helping to make the case that the labor market may be cooling enough to make the Fed more amenable to lowering interest rates soon. 

"We would be more concerned if initial claims continue to increase steadily in coming weeks and surpass the 260k levels from last year," Citi analysts said in a note on Thursday,  adding that New York initial claims alone contributed 10,000 to the total jump in weekly claims. 

Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday: 

Here's what else is going on:

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude rose 0.8% $79.61 a barrel. Brent crude, the international benchmark, was up 0.75% to $84.20 per barrel. 
  • Gold rose 1.2% to $2,350 an ounce. 
  • The 10-year Treasury dipped two basis points to 4.457%
  • Bitcoin was up 0.7% to $62,566. 
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