Stocks rose on Thursday 8th August 2024 as the latest U.S. employment data bolstered investor confidence in the economy, following a significant market downturn earlier in the week.
The S&P 500 increased by 2.3%, closing at 5319.31, marking its best day since November 2022. The Dow Jones Industrial Average jumped by 683.04 points to 39446.49.
S&P 500 5-day chart as of 8th August 2024
The Nasdaq Composite climbed to 16660.02. And all these gains just 4 days after the market rout on Monday 5th August 2024.
The most recent weekly unemployment claims were lower than expected, easing some of the recent worries about the U.S. labour market.
The initial claims for unemployment benefits last week were 233,000, a decrease of 17,000 from the previous week.