US stocks rise as unemployment claims fall to multi-decade low
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The Dow Jones Industrial Average closed 1.0 per cent higher at 34,707.94.
PHOTO: REUTERS
NEW YORK (AFP) - Wall Street stocks powered higher Thursday (March 24) after new US unemployment benefit filings hit a record low as oil prices pulled back amid lingering worries over the Russian assault on Ukraine.
US President Joe Biden cheered government data that said 187,000 new claims for jobless aid were made last week, seasonally adjusted, the lowest level since the week of September 6, 1969.
Markets also monitored Biden's trip to Europe, where the US president described Nato as "never more united than it is today" in opposition to Russian President Vladimir Putin's invasion of Ukraine.
"I guess the coordination of Nato and the hope for some sort of ceasefire is probably driving stocks higher," said Kim Forrest, chief investment officer at Bokeh Capital Partners, adding that the strong US employment trend offset worries about inflation.
The Dow Jones Industrial Average closed 1.0 per cent higher at 34,707.94.
The broad-based S&P 500 jumped 1.4 per cent to 4,520.16, while the tech-rich Nasdaq Composite Index rocketed 1.9 per cent higher to 14,191.84.
The rally extended the week's roller-coaster pattern. The Dow is modestly lower for the week after two up days and two down days, while the other two major indices are higher.
Among individual companies, Uber Technologies jumped 5.0 per cent as it announced it would partner with New York city's taxi network in an effort to lift driver supply as the city emerges from the pandemic.
But KB Home fell 4.6 per cent as it reported lower-than-expected profits and said labor shortages and supply chain problems translated into lengthier construction times.