Futures contracts tied to the major U.S. stock indexes held steady at the start of the overnight session Wednesday evening.
, above 3,000; the Dow jumped 553 points to finish Wednesday's session north of 25,000, its own highest close since March. The S&P 500, Nasdaq Composite and Dow are up 2.7%, 0.9% and 4.4% since the start of the holiday-shortened week.
The Dow is on track for its best week since the week ended April 8. Traders say this week's rally is in large part thanks to optimism about the reopening of the U.S. economy. Equity of companies that stand to benefit the most under reopenings, such as the airlines and retailers, led the major indexes higher Tuesday and Wednesday. Kohl's, Nordstrom and Gap all rose at least 14% on Wednesday while airlines Delta, American, Alaska and United rose 2.6%, 7.5%, 2% and 3.8%, respectively. Meanwhile, those stocks that outperformed as stay-at-home orders went into effect in March have lagged in recent sessions. Zoom Video dropped 1.2%; Shopify, Amazon and Teladoc Health fell 2.3%, 0.6% and 1.1%, respectively. Thursday's forthcoming update to the U.S. unemployment claims threatened to keep the week's optimism in check. The Department of Labor is scheduled to release the latest update to initial jobless claims at 8:30 a.m. ET Thursday morning. Though economists polled by Dow Jones expect the government to announce yet another deceleration in the pace of claims, the consensus estimate predicts another 2.05 million Americans filed for insurance during the week ended May 23. Last week, the Labor Department reported another 2.44 million Americans had filed claims in the week ended May 16, which brought the coronavirus crisis total to some 38.6 million, by far the largest loss in U.S. history.
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