Stocks climb on Wall Street as reports suggested the pace of pain may be decelerating even though the economy is still suffering severely.
A man stands near an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, May 7, 2020. Asian shares were mixed Thursday after a decline on Wall Street after more depressing data rolled in on the devastation sweeping the global economy.
The day’s headliner economic report showed another 3.2 million U.S. workers applied for jobless benefits last week, bringing the total over the last seven weeks to 33.5 million. It’s a shocking number, but it’s also the fifth straight week that it has declined since hitting a peak in late March. Stocks have been generally pushing higher since late March, when the number of weekly jobless claims hit its peak, as investors look ahead to a future that’s not as bad as the horrific present.
Lyft jumped 20% after it said late Wednesday that ride levels appear to have steadied after hitting a bottom in the second week of April. Over each of the three weeks since then, the number of rides has grown from the prior week, though they’re still down more than 70% from a year earlier. In Europe, gains were widespread for stocks. France’s CAC 40 rose 1.3%, and Germany’s DAX returned 1.2%. The FTSE 100 in London added 1.3%.
Comments by President Donald Trump raising the possibility of further trade friction with Beijing have worried investors hoping for better times as other economies begin to reopen from pandemic shutdowns.
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