Following a significant market sell-off earlier in the week, investors’ confidence in the US economy was bolstered by fresh labour market statistics on Thursday, which led to a rise in stocks.
Along with the Nasdaq Composite, the S&P 500 increased by 1%. The gain of 314 points, or 0.8%, was recorded by the Dow Jones Industrial Average.
Some previous worries about the strength of the labour market were eased when the most recent weekly unemployment claims fell short of projections.
The Labour Department announced on Thursday that the number of new applications for unemployment benefits was 233,000 last week, which was less than the Dow Jones estimate of 240,000 and a decrease of 17,000 from the previous week.
Source (CNBC)
