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S&P 500 rises to a record after better-than-expected jobless claims, Dow climbs 100 points

 

 

The S&P 500 climbed to an all-time high on Thursday after weekly jobless claims came in slightly better than expected.

 

The broad equity benchmark added 0.2% to hit an all-time high on pace for its 54th record closing high of 2021. The Dow Jones Industrial Average rose 100 points, lifted by Walgreens and Chevron. The tech-heavy Nasdaq Composite advanced 0.1%, also reaching an intraday record.

 

First-time claims for unemployment insurance totaled 340,000 for the week ended Aug. 28, versus a Dow Jones expectation of 345,000. The number is also the lowest since March 2020 at the beginning of the Covid crisis.

 

The data came in a day before the key August jobs report, which investors are watching closely to decipher how fast the Federal Reserve will remove easy monetary policy. Economists predict 720,000 jobs were added in the month, down from 943,000 jobs added in July.

 

Reference: CNBC