Sat, 06 Jun 2020

Wall Street shoots higher, major indices average 6% gains

Lola Evans
27 Mar 2020, 08:04 GMT+10

NEW YORK, New York - U.S., stocks soared again on Thursday, maintaining their upward trajectory of recent days.

This despite last week's unemployment claims rocketing to 3.28 million. While an inflated figure was expected, the data was three times what analysts had predicted.

Boeing jumped another 14%, making its gain for the week an astonishing 84%.

"It's encouraging to see people buying a day after a big up day because we hadn't seen that in a month," Randy Frederick, vice president of trading & derivatives at Charles Schwab was quoted as saying Thursday by the Reuters Thomson news agency. "That doesn't guarantee that the bottom is in, but it is indicative of a bottoming process."

The Dow Jones even moved from its recently acquired status as a bear market to a bull market, satisfying the criteria for the definition. The key index rose 1,351.62 points or 6.38% to finish at 22,552.17.

The Standard and Poor's 500 jumped 154.51 points or 6.24% to 2,630.07.

The Nasdaq Composite climbed 413.24 points or 5.6% to 7,797.54.

As stocks soared, the U.S. dollar tumbled, losing more of its recently attained gains.

Around the New York close Thursday the euro had regained the 1.1000 mantle and was trading at 1.1028.

The British pound was up sharply at 1.2153. The Japanese yen strengthened to 109.54. The Swiss franc rose to 0.9642.

The Canadian dollar rallied to 1.4030, while the Australian and New Zealand dollars continued their rapid recovery to 0.6045 and 0.5950 respectively.

On overseas markets the German Dax added 1.28%. In Paris, the CAC 40 rose 2.51%, while the London FTSE appreciated by 2.24%.

On Asian markets, Japan's benchmark index, the Nikkei 225, sank 882.03 points or 4.51% Thursday to 18,664.60.

The Australian All Ordinaries gained 129.00 points or 2.58% to 5,135.20.

The Shanghai Composite fell 16.68 points or 0.60% to 2,764.91.

The Hong Kong Hang Seng declined 174.85 points or 0.74% to23,352.34.

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