U.S. stocks rose Thursday as the number of Americans applying for unemployment benefits came in below expectations, but still held at historically high levels. About 1.2 million filed new claims for unemployment benefits for the week ended Aug. 1, fewer than the 1.4 million analysts expected.
U.S. stocks rose Wednesday after White House negotiators said they aim to reach a deal on a new coronavirus-relief package by the end of the week. In a sign of optimism about prospects for the economy, cyclical sectors — such as industrials, materials and financials — led the S&P500, a departure from the technology group’s outperformance this year.
U.S. stocks ticked up modestly Tuesday as investors held out cautious hope for progress in Washington on an aid package to support an economy roiled by a pandemic. Investors are monitoring negotiations among Democratic leaders and White House officials on a new coronavirus aid package. The two sides remain at odds over whether to cut a $600-a-week federal jobless supplement or provide aid to financially strapped states and localities.
Nasdaq was trading in record territory on Monday, hitting an intraday all-time high at 11073, in a rally powered by megacap companies, including Microsoft Corp. (MSFT) and Tesla Inc. (TSLA) as well as Facebook, Apple Inc., Amazon, Netflix, and Google.
U.S. stocks rose Friday as a slate of technology giants buoyed the S&P500 and offset disappointing earnings from some industrials and weak economic data. Apple, Facebook and Amazon were among the index’s biggest winners, rising 10.5%, 8.2% and 3.7% on the back of strong earnings. Their gains offset stock price declines by Chevron, which posted steep losses in the second quarter as the drop in global travel crimped fuel demand amid the pandemic. Caterpillar also fell after reporting that its revenue in the U.S. dropped more than 40% in the second quarter.
The broader stock market struggled on Thursday after data showed the U.S. economy saw its biggest-ever quarterly plunge in activity and an uptick in weekly unemployment claims suggesting the recovery in the labor market may be faltering.
U.S. stocks climbed Wednesday as Federal Reserve officials reiterated their support for an economy battered by the coronavirus pandemic. The Fed, as expected, left rates near-zero at the end of Wednesday’s policy meeting. The central bank also said it would continue increasing holdings of Treasuries and other securities.
U.S. stocks fell Tuesday after some large American companies reported earnings that revealed an even larger hit from the coronavirus pandemic than investors had been expecting. Shares of manufacturing conglomerate 3M, fast-food giant McDonald’s, and motorcycle maker Harley-Davidson were among those that dropped after earnings reports.
U.S. stocks rose Monday as investors bet that the largest technology firms will power ahead in an uncertain economic environment. AMZN, GOOGL and AAPL led the major indexes higher, extending a rise that has helped make the tech sector the best performing in the S&P500 index so far this year.
The week has been marked by big swings among shares of individual companies and a rotation between some of the market’s recent winners and losers. The information technology sector — one of the market’s biggest winners this year — was one of the biggest laggards of the S&P 500’s 11 sectors in trading Friday.