Stocks on Wall Street rose Thursday morning, even though the government said 4.4 million more workers filed for unemployment benefits last week.
Another Thursday with a shocking number of workers losing their jobs, another gain for the stock market.
The weekly report on jobless claims has become one of the best ways to measure in real time how severely the coronavirus outbreak is crunching the economy. Over the last five weeks, it’s shown roughly 26 million people filed for jobless aid, or about 1 in 6 U.S. workers. But if this morning’s market gains hold, this will be the fifth straight Thursday when the S&P 500 climbed following a dismal jobless report.
That, plus massive aid for the economy from the Federal Reserve and Congress, has pushed the S&P 500 up 25% since late March. The House is set to vote Thursday on another package of nearly $500 billion in small-business loans and aid for hospitals, a proposal that the Senate approved this week. Stocks have roughly halved their loss since their February record, and the S&P 500 is down less than 17% since then.
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