Thu, 24 Jun 2021

U.S.stocks rebound, Dow Jones jumps 434 points

Lola Evans
14 May 2021, 06:17 GMT+10

NEW YORK, New York - U.S. stocks rebounded on Thursday after two days of relentless losses.

The buying surge came despite data showing U.S. Producer Prices rose by more than expected, while unemployment claims came in lower than forecast.

"In the week ending May 8, the advance figure for seasonally adjusted initial claims was 473,000, a decrease of 34,000 from the previous week's revised level, the U.S. Department of Labor said in a statement released on Thursday. "This is the lowest level for initial claims since March 14, 2020, when it was 256,000."

"The previous week's level was revised up by 9,000 from 498,000 to 507,000. The 4-week moving average was 534,000, a decrease of 28,250 from the previous week's revised average. This is the lowest level for this average since March 14, 2020, when it was 225,500. The previous week's average was revised up by 2,250 from 560,000 to 562,250," the statement said.

At the close on Thursday, the Dow Jones industrials were 433.79 points or 1.29 percent higher at 34,021.45.

The Standard and Poor's 500 added 49.46 points or 0.72 percent to 4,112.50.

The Nasdaq Composite climbed 93.31 points or 0.72 percent to 13,124.99.

The U.S.dollar was little changed Thursday, clinging to gains of the previous 24 hours. The euro remained bid around 1.2086 approaching the New York close Thursday, while the British pound drifted a few points lower to 1.4053. The Japanese yen was slightly higher at 109.41. The Swiss franc too nudged up a few points to 0.9052.

The Canadian dollar edged down to 1.2156. The Australian and New Zealand dollars were little changed at 0.7736 and 0.7191 respectively.

In overseas equity markets, the Dax in Germany rose 0.33 percent. The Paris-based CAC 40 gained 0.14 percent. In London, the FTSE 100 fell 0.59 percent.

The Australian All Ordinaries lost 72.10 points or 0.99 percent to close Thursday at 7,209.40.

China's Shanghai Composite declined 33.22 points or 0.96 percent to 3,429.54.

The Hang Seng in Hong Kong shed 482.69 points or 1.71 percent to 27,748.35.

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