Nasdaq hits record high as tech stocks rise, jobless claims come in better than expected

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.

Emily McCormick for Yahoo Finance:

stock chartA 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.

39 Comments

    1. The President smiles at the 130,000+ American deaths, tens of thousands of which could have been saved but for his wild underreaction. The President smiles because his supporters have excused his inexcusable conduct yet again.

      1. I suppose that you voted for Hilderbeast, the most lying, thieving corrupt candidate in modern history, and now you support a corrupt, dementia patent?

        Your credibility is so below zero that your opinions and comments are beyond meaningless.

        1. Hillary Clinton would’ve done a far better job tackling the Coronavirus pandemic than Donald Trump has done. Hell, the pair of shoes I’m wearing right now could’ve done a better job than him. 130,000 dead and rising and he still can’t even get his policy on masks straight. He’s still professing to know better than the CDC and micromanaging their guidelines to reopen schools so they’re tailored to his personal preferences like he’s some kind of virus expert. It’s unbelievable.

            1. Meanwhile he’s holding campaign rallies where masks aren’t mandatory with no social distancing. And Coronavirus spikes are now being traced to people who attended these events. Donald Trump needs to fully accept that the Coronavirus is not a hoax and stop sending mixed messages. People’s lives are at risk and our senior citizens are suffering the most.

            2. Studies have already proven that NO Coronavirus spikes were traced back to the George Floyd protests because the overwhelming majority of participants wore facial coverings. The protests were also mostly peaceful, despite Fox News’ focus on the few bad actors who strayed from the movement’s nonviolent message.

            3. I don’t watch CNN or any cable news for that matter, thank you very much, and I’m sure CNN and MSNBC were also whipping viewers into a frenzy over all those “violent protesters” for ratings. But the fact still remains that there’s no evidence tying a rise in Coronavirus cases to the peaceful George Floyd protests.

            4. First 2018, Then 2020,

              “Studies.” That’s all it takes for a Lib to believe anything.

              “Studies.” You know, like Al Gore, Apple Board Grifter for Life, whose “studies” claimed there would be no more snow on Kilimanjaro by 2016.


              Kilimanjaro, 2020

              “Studies.” Like the COVID-19 “studies” that predicted as many as 40 million people would die in the first year.

              Better hurry up and die, 39.45 million people, the year is running out (even using China’s lie of November 17th as the start date – just over 4 months to go to prove the “studies” correct).

              Dem/Lib/Progs are gullible saps who cannot think for themselves and believe whatever they’re told by other gullible saps reading the “news” off teleprompters – backed by “studies,” of course – on ABC, CBS, NBC, CNN, MSNBC, etc. funded by globalist commies like George Soros, the CCP, etc.

          1. The stupidly that it takes to support Hilderbeast is staggering. Please do NOT breed, idiots like you have already done too much damage to this country.

      2. LIE 1: The President is NOT smiling at Covid deaths you deliberate lying imbecile! 🖕🏼🖕🏼

        WHOPPER LIE 2: Tens of thousands could have been saved if not for his, oooh delicious, “wild under-reaction.”

        So says Biden political ads and the equally lying CNN and NYT. The president did not have the power then to save lies and does not have the power now. Get a grip!

        Lastly, you serial partisan liar regarding President Trump — PAY ATTENTION — the virus killed people, not the president!

        What part does your HATRED not understand?…

    2. Overreaction? Deaths are now beginning to surge in three hot spot states. Fatalities were always a lagging indicator and now they’re rearing their ugly head. This is not a hoax. President Trump cannot wish this problem away.

      1. Deaths overall are WAY DOWN OVERALL barring a few hotspots that you and the liberal media focus on to damage the president. Virus survival rate is almost 80%.

        Get a grip…

        1. Actually, the survival rate is MUCH higher than 80%. That is roughly the percentage of identified patients who require hospitalization. Only a relatively small minority of those who are that sick ultimately die. In addition, there are a lot of people who get infected but never become identified patients. However, even a 1% fatality rate would still be over three million dead if the virus got to everybody.

          Cases are up in the majority of states, not just a few hotspots. This is not an artifact of increased testing, because the rise in cases is much greater than the rise in testing. Similarly, hospitalizations are up across the board, particularly in states that opened up on a schedule dictated by tweets, rather than official government guidelines.

          Deaths are not down because the outbreak is under control, but because the average patient is younger and healthier than the average in April, because treatments are better, and because most people who die of the virus do so 10 days or more after they are hospitalized, which in turn lags their date of infection by 14 days or more. If ICU admissions are up today, which they are, deaths will be up in a week or two.

          Finally, if—as you insist— the current President of the United States of America does not have the power to save lives (perhaps by promoting sound public health practices and procuring adequate medical supplies), then he should resign so that somebody competent can have the job.

          1. “Deaths are not down because the outbreak is under control”

            Hey, cherry picker and half-truth specialist — I said deaths are down PERIOD!

            Not interested in your tedious and numerous deflections…

            1. Learn to f’ing READ! I was agreeing with you that deaths were down two weeks ago (they subsequently went up by 75% or more). I was simply pointing out that the temporary drop did not involve Donald Trump, the President of the US, waving a magic want to make the virus go away like he promised in March.

  1. We are not creating NEW jobs. Companies are calling back furloughed and laid off workers. The vast majority of which are in hospitality and leisure (bars, restaurants and clubs) that are typically low wage jobs. Consequently, it is these very jobs that are causing massive spikes in new covid-19 cases across the nation. Many places have and will close these types of establishments.

    Every week for about a couple of months the US is loosing nearly 1.5 million jobs a week in new jobless claims. Several states are so overwhelmed some people are still waiting for their money whiles others see interruptions to their benefits.

    1. ok…but the headline reads:

      “as unemployment claims came in better than expected”

      Would you prefer:

      “as unemployment claims came in worse than expected?”

      so your statement might read:

      “US is loosing nearly 2 million jobs a week in new jobless claims?”

      I know, Trump’s a pig and you dislike him greatly, but….

      1. Based on your last butchery of a statement above, facts are has important to you as they are for trump and the GOP, not at all or as trump would say, it’s a Hoak.

    2. In the last month President Trump administration has enjoyed several RECORDS of people hired.

      I could not care less if they were call back jobs or new jobs.

      President Trump owns the all time record for hiring two weeks in a row. Could not care less if you have a problem with that, Libtard…

        1. This thread is on the economy, which is in the toilet because the President mishandled the coronavirus outbreak. Look at the first picture posted above. Does that look like a man mourning 133,000 American deaths or the millions of his countrymen who are out of work? No, it looks like a man who is pleased that his supporters are letting him get away with it.

          1. Surprise…you were conflating again. I had to ask so I could see you irrationally and deflectively explain yourself.

            You just can’t control it. I don’t understand it, but I can see it’s quite a challenge for you.

          2. No, not really…unless you thing the Prez is herculean and controls the world’s econ.

            Were you aware the world is having financial trouble?

            It’s the conflation thing again?

      1. The Democrat Party sure seems to want four more years for President Trump. So much so, that they’ve nominated a plagiarizing rapist turned dementia patient:

        1. Holy sh!t, Democrats are fscking stupid.

          This guy is losing 10 more marbles per day!

          Biden was a has-been three presidential runs ago. It’s like, despite all of their so-called “resistance,” THEY WANT TRUMP TO WIN!

  2. Wow, so many Trump supporters lashing out. You guys seem to be exuding fear as you, like all of us, see that Americans are tired of the ongoing Idiot in Chief. The polls show that over and over and over. And the shift keeps on. Independents are moving over to Biden. People that were luke-warm for Trump are now against him.
    When people feel they are backed into a corner, they become abusive. Keep proving my point. Take some antacids. It will help with your growing ulcer. Actually I have a better idea. Eat some spicy Mexican food to help It…oh wait, it may be harder Now to get some of those popular ingredients due to the boycott…..

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