US stocks continued to climb on Thursday, despite the worst jobless claims data on record.
Investors remained optimistic as Congressional lawmakers put the finishing touches on a $2 trillion stimulus bill that will provide a boost to the economy, which has been battered by coronavirus. The Senate passed the bill 96-0, and the House of Representatives is expected to vote on the legislation Friday.
The market gains, which have now continued three straight days, are a stark reversal from painful losses and volatility on Wall Street in recent weeks.
The Dow on Thursday finished up 6.4%, or 1,352 points, emerging from the bear market it fell into on March 11 after climbing more than 20% on Monday. The S&P 500 ended the day up 6.2%, and the Nasdaq rose 5.6%.
But while Wall Street has turned positive, the coronavirus outbreak that threw financial markets out of whack continues to spread. Nearly a third of the world’s population are living under coronavirus-related restrictions, and the United States has now overtaken Italy in positive coronavirus cases, with at least 80,837 reported.