· Dow rallies more than 1,300 points, capping its biggest 3-day surge since 1931
Stocks surged for a third straight day Thursday as investors shrugged off the release of record-breaking initial jobless claims while the Senate passed a massive economic stimulus bill amid the coronavirus outbreak.
The Dow Jones Industrial Average jumped 1,351.62 points, or 6.4%, to close at 22,552.17. The Dow capped off its biggest three-day surge since 1931. Over the past three days, the Dow is up more than 20%.
The S&P 500 also posted a three-day winning streak, rising 6.2% to 2,630.07. The Nasdaq Composite advanced 5.6% to 7,797.54 as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all jumped more than 4%.
· European stocks close higher; US jobless claims balloon to record high
European markets closed higher Thursday after U.S. jobless claims ballooned to a record high amid the fallout from the coronavirus pandemic.
The pan-European Stoxx 600 closed up 1.8%, reversing earlier losses, with travel and leisure stocks climbing almost 6% and autos slipping marginally into negative territory.
· South Korea stocks jump more than 3% as Dow sees largest 3-day surge in almost 90 years
Stocks in Asia jumped in Friday morning trade after the Dow Jones Industrial Average soared overnight to its biggest 3-day surge since 1931.
South Korean stocks led gains among the region’s major markets, with the Kospi up 3.14% while the Kosdaq index rose 4.29%.
In Japan, the Nikkei 22 jumped 2.07% in early trade while the Topix index gained 2.5%.
Meanwhile, stocks in Australia edged higher, with the S&P/ASX 200 up about 0.3%.
Overall, the MSCI Asia ex-Japan index traded 0.6% higher.
On the economic data front, China’s industrial profits data for February is set to be out at around 9:30 a.m. HK/SIN on Friday. The release could offer clues to the economic impact of the coronavirus in China, where the disease was first reported.
Reference: Reuters, CNBC
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