Unemployment claims jumped by 5.25M last week as coronavirus job carnage continues

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Unemployment claims jumped by 5.25M last week as coronavirus job carnage continues

Posted by By Suzanne O'HalloranFOXBusiness on

Unemployment claims jumped by 5.25M last week as coronavirus job carnage continues

Dow futures jump 700+ points as Trump details opening US economy

A coronavirus treatment and optimism over the reopening of the economy gives stocks a lift

Trump: Some states may reopen tomorrow

President Trump says states will reopen at different times and argues sports will be enjoyed via television until coronavirus is completely gone.

U.S. stock futures popped on Thursday as President Trump outlined the early-stage, phase approach as part of the “Opening Up America Again" coronavirus come back plan.

The Dow Jones Industrial Average soared over 700 points or 3 percent while the S&P 500 and the Nasdaq Composite were rising by 2 percent plus each at 6:30 p.m. ET.

Also helping lift equities, positive news on Gilead Sciences and its drug remdesivir in its effectiveness for treating Covid-19 patients, as detailed by Statnews.com. Shares of Gilead rose over 10 percent in the extended session.

The late-day gains Thursday build on what was a positive day for stocks in the regular session despite more grim unemployment numbers.

The Labor Department reported initial jobless claims totaling 5.25 million for the week through April 11, worse than the 5.1 million that economists surveyed by Refinitiv were anticipating. The data raises the number of first-time filings due to disruptions from COVID-19, including stores closing and factories idling, to about 22 million.

Despite those figures, the blue-chip Dow Jones Industrial Average rose nearly 33 points, or 0.12 percent, while the broader S&P 500 gained 0.57 percent and the tech-heavy Nasdaq Composite gained 1.66 percent led by big-cap tech names including Amazon, Netflix and Microsoft.