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Stocks extended gains by a narrow margin; losing momentum due to jobless claim increase
The US market session still managed to eke out gains to reach a 3-day winning streak, while almost cut-off rising momentum due to a surprising increase in the labour sector's unemployment count.
The surge's momentum slowed down after the print on jobless claims unexpectedly showed an increase, hitting a fresh record of pandemic-era low. The estimated claim count was 360,000 but the filings ended almost 420,000 for the past week. Traders are using this data as a symbol of the economic standing and market status. The unexpected hit created uncertainty for the ongoing economic rebound, however, analysts are saying that the recovery is bound to encounter bumps like these, hence, pacifying concerns and making its effects minimal.
This week's round of Q2 earnings report was led by the big boys including Verizon, Netflix, Coca-Cola, Chipotle and Johnson & Johnson. All these companies toppled market expectations and exceeded them, and was joined by AT&T and Southwest this Thursday. The new data shows surging demands while economic recovery is underway. The highlight on the earnings was momentarily brushed aside when the sell-off happened, but now that the market has recovered, traders are focusing back on them.
Thursday's performance can be summarized as follows:
Blackwood Investments Limited