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.
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.