US stocks rise as weekly jobless claims fall to another pandemic-era low

US stock market investors are feeling optimistic about the economy.
Spencer Platt/Getty Images

US stocks rose higher in the first half of the year on robust economic data.
Weekly jobless claims fell to another pandemic-era low.
Oil rallies ahead of OPEC+ meeting.
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US stocks rose higher to start the second half of the year as weekly jobless claims fell to another pandemic-era low.
The number of Americans filing for unemployment insurance sank last week as Republican-led states prematurely ended the federal government’s boost to benefits.
Jobless claims reached an unadjusted 364,000 last week, the Labor Department announced. Economists surveyed by Bloomberg held a median estimate of 388,000 claims. The print marks a second straight weekly decline and a new pandemic-era low.
"This morning’s beat on jobless claims is a real bright spot," Cliff Hodge, CIO at Cornerstone Wealth, said in a statement. "Staying below that big-round-number 400,000 level could bolster confidence in risk taking during the dog days of summer."
US stocks closed mostly higher in the previous session, marking the end of one of best first six months of the year for the S&P 500 since 1998. The benchmark index is up 14% year-to-date.
Here’s where US indexes stood at the 9:30 a.m. ET open on Thursday:
S&P 500: 4,305.15, up 0.18%Dow Jones industrial average: 34,509.30, up 0.02% (6.79 points)Nasdaq composite: 14,519.91, up 0.11%Bitcoin slipped 2.70% to $33,731 as the cryptocurrency struggles to rally higher amid a crackdown in China.
Meanwhile, oil prices are surging to record highs ahead of the OPEC+ meeting.
West Texas Intermediate crude rose 3.05%, to $75.71 per barrel. Brent crude, oil’s international benchmark, gained 2.43% to $76.43 per barrel.
Gold hovered around 0.79% higher, to $1,782.18 per ounce.

Read the original article on Business Insider

Source: https://www.businessinsider.com/stock-market-news-today-jobless-claims-fall-low-labor-market-2021-7

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