Stocks moved higher Thursday morning, with tech shares continuing their relentless march higher and sending the Nasdaq Composite to a fresh record high as unemployment claims came in better than expected.
A new report from the Labor Department showed both new and continuing unemployment insurance claims fell in the most recently reported weeks, helping alleviate concerns of a resurgence in joblessness following a rise in coronavirus cases domestically.
Amazon, Microsoft, Apple, Facebook, and Netflix added to gains Thursday morning, a day closing at hitting all-time highs.
New weekly unemployment claims totaled 1.314 million for the week ended July 4, the Labor Department said Thursday. This was better than consensus expectations, which anticipated another 1.375 million individuals filed new jobless claims last week.
The prior week’s new jobless claims were downwardly revised to 1.413 million.
Continuing unemployment claims fell to 18.062 million for the week ended June 27. This was better than the 18.8 million expected, and fell from the previous week’s downwardly revised level of 18.76 million.
MacDailyNews Take: Tech stocks are on a tear as Apple’s share price earlier hit a new all-high intraday high of $385.27 after closing on Wednesday at $381.37, a new all-time closing high.