Markets in the United States have ended their losing streak as a result of a solid unemployment survey.

Spread the love

On Thursday, US shares recovered from a three-day losing streak as unemployment fell to a pandemic-era low.

The Dow Jones Industrial Average increased by 188.11 points, or 0.55 percent, while the S&P 500 increased by 1.06 percent and the Nasdaq Composite increased by 1.77 percent.

Despite Thursday’s gains, the Dow remains down 0.9% for the week, while the S&P 500 has lost about 0.4% and the Nasdaq is expected to end with slight gains.

Thursday’s reversal was partially fueled by a Labor Department report showing that 444,000 workers filed jobless claims last week, a decline of 34,000 from the previous week and the fewest reported in 14 months.

As the so-called FAANG stocks all rose, the market’s growth was aided by a turnaround of tech stocks. Apple shares rose 2.1 percent, Facebook rose 1.6 percent, Alphabet, Google’s parent firm, rose 1.56 percent, and Amazon ended the day up 0.49 percent.

READ ALSO:  'It's a hoax' say California's anti-mask proponents

Bitcoin prices also rose on Thursday, with the cryptocurrency trading up 3% at about $40,000 as markets closed.

Bitcoin soared by as much as 9% to more than $42,000 before plummeting to about $30,000 after the Treasury Department introduced measures to clamp down on cryptocurrency exchanges and transfers, including forcing any trade worth $10,000 or more to be disclosed to the Internal Revenue Service.

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the agency said in a release.

Crypto-related stocks Tesla and Coinbase rose 4.14% and 3.83% respectively.

 409 

Leave a Reply