By Yasin Ebrahim
Investing.com – The S&P 500 extended its earnings on Thursday, hitting nearly three-month highs, wiping out a series of negative economic data showing a deeper-than-expected recession in economic growth and another wave of job losses.
Up 0.55%, or 141 points, up 0.82%, while adding 0.79%.
The US Department of Labor said workers had filed 2.123 million new cases last week, just above the 2.1 million forecast but below the 2.446 million revised down last week.
In another blunt reminder of the economic impact of the Covid-19 pandemic, revised government data showed a contraction at an annual rate of 5% rather than 4.8%.
The weaker economic environment, however, had little influence on the broader market, with many bets on an economic rebound in the second half in optimism about progress in reopening the economy until present.
As efforts to reopen the economy continue, health sector values have Moderna and Gilead (NASDAQ ? leads drug manufacturers in the race to find a Covid-19 cure.
Moderna (NASDAQ ? jumped 6% after entering into an agreement with CordenPharma to supply volumes of lipids used to produce its candidate candidate for the coronavirus vaccine, mRNA-1273.
Technology, meanwhile, has also led the gains on Wall Street, while social media stocks have cut losses, following reports that President Donald Trump should sign an order to limit the power of the platforms of social media like Twitter Inc (NYSE ? and Facebook (NASDAQ :).
Financials gave up some of their gains earlier this week as investors apparently took profits on bank stocks, JPMorgan (NYSE: NYSE :), Bank of America (NYSE: NYSE ? and Citigroup (NYSE: C ) trading below the flat line.
The earnings front, meanwhile, also supported sentiment amid mostly bullish corporate quarterly reports.
Discount retailer Dollar Tree Inc (NASDAQ ? increased 11% after first-quarter profits exceeded consensus estimates as panic purchases at the height of pandemic demand spurred growth.
Cloud-based company Workday (NASDAQ ? jumped 8.5% after first-quarter revenues exceeded estimates, up 23% due to strong demand for its cloud service offering.
Elsewhere, Boeing (NYSE ? increased 2% after detailing plans to cut 13,000 jobs and confirming that it would produce its criticized 737 MAX aircraft.
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