S&P 500 rises to a record after better-than-expected jobless claims, Dow climbs 100 points;Europe stocks close higher as traders gear up for U.S. jobs data; Swedish biotech up 26%
The S&P 500 climbed to an all-time high on Thursday after weekly jobless claims came in slightly better than expected.
The broad equity benchmark added 0.2% to hit an all-time high on pace for its 54th record closing high of 2021. The Dow Jones Industrial Average rose 100 points, lifted by Walgreens and Chevron. The tech-heavy Nasdaq Composite advanced 0.1%, also reaching an intraday record.
First-time claims for unemployment insurance totaled 340,000 for the week ended Aug. 28, versus a Dow Jones expectation of 345,000. The number is also the lowest since March 2020 at the beginning of the Covid crisis.
On Thursday, Chewy and Five Below were among the notable movers with shares tumbling 9% and 8%, respectively, after reporting quarterly results. Shares of ChargePoint, the maker of charge systems for electric vehicles, jumped 12% after reporting stellar quarterly earnings.
European stocks closed higher on Thursday as investors geared up for the next reading of U.S. nonfarm payrolls which is due Friday.
In terms of individual share price movement, Swedish Orphan Biovitrum shares surged nearly 26% after investment firms Advent International and Aurora Investment offered to buy the Stockholm-based biopharmaceutical company for 235 Swedish krone ($27.30) per share.
Source: CNBC, Investing.com