Wall Street’s main indexes regained their footing on Thursday (May 20) after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood.
Bitcoin clawed back some lost ground to trade near $40,000 a day after a brutal selloff, helping renew appetite for risk. Shares rose in Crypto-exchange operator Coinbase Global, Crypto-miners Riot Blockchain and Marathon Digital Holdings.
The number of Americans filing for new claims for unemployment benefits fell to 444,000 in the week ended May 15, down for the third straight time, suggesting job growth picked up this month, though companies still are desperate for workers.
Wall Street’s main indexes fell on Wednesday (May 19), extending losses since, after minutes from the Federal Reserve’s meeting last month indicated some policymakers thought it would be appropriate to discuss easing of crisis-era support, such as tapering bond purchases, in upcoming meetings if the strong economic momentum is sustained.
The Dow Jones Industrial Average rose 188.11 points, or 0.55%, to 34,084.15, the S&P 500 gained 43.44 points, or 1.06%, to 4,159.12 and the Nasdaq Composite added 236 points, or 1.77%, to 13,535.74.
(Production: Hyeongmi Kim, Fred Katayama, Aleksandra Michalska)