Stocks closed higher on Wall Street after a report showed the pace of layoffs across the country is slowing, though it remains incredibly high. The S&P 500 added 0.6%, rising for the fifth day in a row.
FILE - A woman wearing a mask walks her dog past the New York Stock Exchange, Tuesday, June 30, 2020. Stocks are drifting in early trading on Wall Street Thursday, Aug. 6, after a report suggested that the number of layoffs across the country is slowing, though it remains incredibly high.
The Dow Jones Industrial Average climbed 185.46, or 0.7%, to 27,386.98 after it and other indexes waffled between smaller gains and losses for much of the day. The Nasdaq composite rose 109.67, or 1%, to 11,108.07 and set another record.applied for unemployment benefits It was also the first drop in jobless claims following two weeks of increases, and economists called it an encouraging step. But the threat of more business closures due to theInvestors have been pushing stocks higher despite such worries, in part on expectations that Washington will work through partisan disagreements and strike a deal on more assistance for out-of-work Americans, along with other measures.
Richardson said the possibility of President Donald Trump using his executive authority to extend coronavirus relief if Congress fails to reach a deal may have helped lift the market Thursday. Sealed Air, the company behind Bubble Wrap and Cryovac packaging, rose 8.8% for one of the biggest gains in the S&P 500 after it reported stronger earnings for the latest quarter than analysts forecast. It also gave a better-than-expected estimate for earnings this year.
Gold also continued its record run as investors looked for safety. Gold for delivery in December rose $20.10 to settle at $2,069.40 per ounce.
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