U.S. stocks opened mostly higher this morning, with tech shares rallying, after weekly jobless claims data showed applications for the newly unemployed hit 5.25 million, surging to a total of 21 million over the past month.
U.S. stocks opened mostly higher Thursday morning, with technology shares rallying, after weekly jobless claims data showed applications for the newly unemployed hit 5.25 million, surging to a total of 21 million over the past month. However, the market reaction to the grim data due to the business closures to limit the outbreak of COVID-19 suggests that investors may be steeling themselves against bad data and focusing on hope of reopening the economy soon.
and Google-parent Alphabet Inc. In addition to claims, reports on new-home starts and the Federal Reserve Bank of Philadelphia's survey of manufacturing conditions also showed some of the weakest results in years. Perhaps, supporting the upward trajectory for the market is President Donald Trump's announcement that he would offer later Thursday guidelines on how to reopen the economy by easing some of the current restrictions on social and business activity.
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