Stock market news live updates: Stocks rise despite worse than expected jobless claims

Shares rose Thursday after the three major indices hit their highest levels in more than a month the day before. Investors digested a new round of higher-than-expected unemployment claims while dampening prospects for more incentives in the short term.
[Click here to read what's moving the markets on Friday October 9th]
Regeneron (REGN) stocks rose after the drug maker filed an application with the U.S. Food and Drug Administration to approve emergency treatment for its Covid-19 antibody treatment, which President Donald Trump received following his diagnosis of Covid-19. And IBM (IBM) was up nearly 6% after it was announced that its managed infrastructure services business was being spun off into its own public company.
Retailers had previously held on to the hope that aid from Washington - if not a comprehensive virus aid package worth several trillion dollars - could come about in the near future.
However, House spokeswoman Nancy Pelosi, in her weekly briefing Thursday, recalled expectations that some stimulus measures could be launched ahead of the November elections. Pelosi said it won't come up with a standalone bill to relieve airlines if no other incentive measures are in place. A day earlier, she had signaled that she could be open to passing a smaller, more targeted bill that Trump had previously suggested that he would support her.
The House Democrats decided last week to propose a larger package to support more parts of the economy with $ 2.2 trillion.
"It was the question of the day why we got the tweets we got over the last 24 hours, the market reaction we closed on [Tuesday], and then the rally today," said Ed Mills, Political scientist from Raymond James Washington, Yahoo Finance told Wednesday afternoon.
"The investors I spoke to at Raymond James were mixed. Some believe this makes it much more likely that regardless of the election result, an agreement will be reached in the lame duck [meeting] to fund the government before December 11th "He added." Others said this is a clear signal from the market that they now expect a democratic turnaround. That would be the largest package. However, this may have to wait until February or March to be fully implemented. "
Meanwhile, Federal Reserve officials continued to express concern that the weak economic recovery could be eased without further short-term fiscal stimulus.
In minutes of the central bank's September meeting released on Wednesday, the central bank said: “Many participants noted that their economic prospects required additional tax support and that the pace of recovery was when future tax support was significantly less or significantly later arrived than expected could be slower than expected. "
Another sign of lukewarm economic activity came Thursday via the Labor Department's weekly jobless claims report, which checked in at 840,000. Consensus economists expect another 820,000 new applications to be filed last week, a slight increase from the previous week. However, the ongoing claims - a closely watched metric - unexpectedly fell below 11 million.
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4:03 p.m. ET: Stocks record back-to-back profit sessions as investors weigh hopes for incentive against worse-than-expected jobless claims
Here were the main moves in the markets from 4:03 p.m. ET:
S & P 500 (^ GSPC): +27.40 (+ 0.80%) to 3,446.85
Dow (^ DJI): +122.11 (+ 0.43%) to 28,425.57
Nasdaq (^ IXIC): +56.38 (+ 0.50%) to 11,420.98
Crude Oil (CL = F): + $ 1.29 (+ 3.23%) to $ 41.24 per barrel
Gold (GC = F): + $ 7.00 (+ 0.37%) to $ 1,897.80 per ounce
10-year Treasury (^ TNX): -2 basis points for a return of 0.7650%
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11:12 am ET: Stocks are driving gains, led by energy stocks
The three main indices contributed to gains on Thursday afternoon, with the Dow gaining more than 100 points, or 0.4%. The Nasdaq was up 0.6% and the S&P 500 was up 0.7%.
The energy sector led the blue chip index to rise as US crude oil prices rose more than 1.85% to over $ 40 a barrel. The real estate and financial sectors also grew.
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9:36 a.m. ET: Shares open higher despite stubbornly high unemployment claims
Here were the key moves in the markets as of 9:36 a.m. ET:
S & P 500 (^ GSPC): +16.02 points (+ 0.47%) to 3,435.47
Dow (^ DJI): +95.6 points (+ 0.34%) to 28,399.06
Nasdaq (^ IXIC): +67.99 points (+ 0.59%) to 11,432.06
Crude Oil (CL = F): + $ 1.07 (+ 2.68%) to $ 41.02 per barrel
Gold (GC = F): + $ 10.90 (+ 0.58%) to $ 1,901.70 per ounce
10 year Treasury (^ TNX): -1.1 basis points for a return of 0.774%
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8:30 a.m. ET: Unemployment claims are higher than expected, but ongoing claims are falling
The labor market stagnated last week with new jobless claims of up to 840,000 - above the consensus forecast of 820,000. Persistent claims, however, unexpectedly fell below 11 million, which is an encouraging sign that some longer-term unemployed are back to work.
Stocks hold gains to build on Wednesday's strong rally that saw the S&P at its best session in months.
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7:39 am ET: Domino's Pizza 3Q sales estimates, but profit falls below expectations
Domino's Pizza (DPZ) reported mixed results for the third quarter, with sales estimates beating estimates, but profits and margins becoming significantly higher than consensus expectations. Shares fell more than 4% in early trading.
Adjusted earnings were $ 2.49 per share versus estimates of $ 2.78, and the company's quarterly operating margin of 37.4% decreased more than one percentage point year over year. Domino said in a statement that its bottom line was put under pressure by "higher variable performance-based compensation costs as well as Covid-related costs, including additional compensation and improved sick pay for frontline employees".
Comparable revenue growth in the US for the third quarter was 17.5%, slightly above estimates of 14.6% according to Bloomberg consensus data. The internationally comparable turnover of 6.2% was almost three times as high as the expected growth of 2.2%.
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7:22 am ET Thursday: Stocks aim to extend Wednesday's gains
Here were the key moves in the markets as of 7:22 a.m. CET:
S&P 500 Futures (ES = F): 3,420.75, plus 14 points or 0.41%
Dow Futures (YM = F): 28,307.00, plus 128 points or 0.45%
Nasdaq Futures (NQ = F): 11,535.25, plus 65.25 points or 0.57%
Crude Oil (CL = F): + $ 0.66 (+ 1.65%) to $ 40.61 per barrel
Gold (GC = F): + $ 5.80 (+ 0.31%) to $ 1,896.60 per ounce
10-year Treasury (^ TNX): -1.3 basis points for a 0.772% return
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6:04 p.m. ET Wednesday: Stock futures open slightly higher after the rally
Here were the key moves in the stock markets from 6:04 p.m. ET:
S&P 500 Futures (ES = F): 3,408.75, plus 2 points or 0.06%
Dow Futures (YM = F): 28,197.00, plus 18 points or 0.06%
Nasdaq Futures (NQ = F): 11,481.75, plus 11.75 points, or 0.1%
Traders wear masks as they work on the floor of the New York Stock Exchange while the coronavirus disease (COVID-19) outbreak continues in the Manhattan neighborhood of New York, United States, on May 27, 2020. REUTERS / Lucas Jackson
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In this article
^ GSPC
+ 0.88%
PI7.F
+ 1.03%
GSFPX
+ 0.65%
^ IXIC
+ 1.39%
SPY
+ 0.86%
QQQ
+ 1.53%

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