Stock market soared on tech rally and positive jobless claims data

From Nasdaq: 2024-08-09 09:17:00

Wall Street had a strong close on Thursday with a tech rally, fueled by better-than-expected jobless claims data. The Dow Jones rose by 1.8%, Nasdaq gained 2.9%, and S&P 500 increased by 2.3%. All major sectors finished in the green, with over 12 billion shares traded. Advancers outnumbered decliners significantly.

The Labor Department reported initial jobless claims falling to 233,000, down 17,000 from the previous week. Continuing claims increased by 6,000 to 1,875,000. The positive trend suggested a healthier labor market than anticipated, potentially dispelling recession fears.

As a result of the positive jobless claims data, mega-cap tech stocks like NVIDIA and Broadcom saw gains of 6.1% and 7%, respectively. The market rally extended across all sectors, showing investors’ confidence in the economy’s resilience. Wholesale inventories for June showed a 0.2% increase.

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Read more at Nasdaq: Stock Market News for Aug 9, 2024