Stocks perked higher on Wall Street Thursday after a report showed the pace of layoffs across the country is slowing, though it remains incredibly high.
Stocks perked higher on Wall Street on Thursday after a report showed the pace of layoffs across the country is slowing, though it remains incredibly high.
The day’s headline economic report showed that nearly 1.2 million workers applied for unemployment benefits last week. It would have been an astounding number before the pandemic leveled the economy. But it’s a slight slowdown from the prior week’s tally, and it was not as bad as economists were expecting.It was also the first drop in jobless claims after two weeks of increases, and economists called it an encouraging step.
Democrats and Republicans traded criticism of each other on Thursday, after a Wednesday session that produced no progress. Negotiations are continuing and both sides have set a goal of reaching a deal by week’s end, even if that increasingly appears to be out of reach.Despite the market’s gains, slightly more stocks fell in the S&P 500 than rose, with the healthcare sector the heaviest weight on the index. Becton Dickinson sank 8.
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.The yield on the 10-year Treasury dipped to 0.53% from 0.54% late Wednesday.
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