Stocks surged on Thursday, after an initially flat response to brutal unemployment data that showed 6.6 million Americans filed for first-time jobless benefits last week.
All three major averages jumped mid-morning after President Donald Trump said he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman. Both countries will cut production by about 10 million barrels, Trump told CNBC.
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The Dow Jones Industrial Average soared on that news, rising by 500 points, with the S&P and the Nasdaq up by about 2 percent each.
Thursday's market optimism comes after the Department of Labor released figures that showed almost 10 million people have filed for initial jobless claims in the last two weeks.
“More than any other economic data point, the unprecedented and massive level of more than 6.6 million new jobless claims captures the recent, heartbreaking financial devastation related to the coronavirus outbreak and measures aimed at containing it," said Mark Hamrick, senior economic analyst at Bankrate.com.
Focus now turns to Friday's monthly employment snapshot from the Bureau of Labor Statistics, though that data will not capture the nation's extreme job loss in the second half of March.
“With nearly 10 million total new claims reported over the past couple of weeks, the backward-looking March jobs report will be anti-climactic, given that the survey week occurred early last month. It will take some time for the monthly data to catch up to what’s really happening,” Hamrick said.
All three major averages were down on Wednesday, the first day of the new quarter, after Trump warned that the U.S. could be facing "hell" as the pandemic continues to disrupt the fabric of American life, closing schools, factories and businesses across the country, leaving more and more Americans without work.
“We’ve lived through the recession and 9/11. What we’re seeing with this decline is actually worse than both of those events,” said Irina Novoselsky, CEO of online jobs marketplace CareerBuilder.
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April 02, 2020 at 10:03PM
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Wall Street price hike improves market optimism despite massive unemployment numbers - NBCNews.com
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