S&P 500 snaps 4-day winning streak, Nasdaq-100 touches record before retreating

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S&P 500 snaps 4-day winning streak, Nasdaq-100 touches record before retreating
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The S&P 500 snapped its 4-day winning streak and the Nasdaq-100 hit a record before retreating on Thursday. Here's how the major averages performed: - The Dow rose 11 points. - The S&P 500 lost .34%. - The Nasdaq fell .69%.

Amazon, PepsiCo, Costco and PayPal are among the stocks that drove the Nasdaq-100 back to record highs from its late-March low. Amazon shares have rallied more than 30% since March 23 while PepsiCo is up 26%. Costco has gained over 8% in that time and PayPal is up more than 85%.filed for unemployment benefits last week, topping a Dow Jones estimate of 1.775 million. Continuing jobless claims rose sharply, nearly reaching 21.5 million.

The major averages are still up on track for solid weekly gains despite Thursday's drop. The Dow is up 3.5% week to date while the S&P 500 has gained 2.2%. The Nasdaq Composite has advanced 1.3% this week. Shares of companies that benefit from the economy recovering outperformed on Thursday. American Airlines rallied more than 41%. JPMorgan Chase, Citigroup, Wells Fargo and Bank of America advanced more than 1% each. MGM Resorts gained 7.5%.Central banks and governments around the world have taken measures to cushion the economic blow from the coronavirus pandemic, making riskier assets such as equities more attractive to investors.

Since March 23, the S&P 500 has surged more than 42% while the Dow has gained over 43% in that time period. The Nasdaq Composite is up more than 46% since hitting its late-March low.

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