CNBC's Dom Chu breaks down ETFs amid the coronavirus pandemic.
Stocks surged for a third straight day Thursday as investors shrugged off the release of record-breaking initial jobless claims while the Senate passed a massive economic stimulus bill amid the coronavirus outbreak.
The Dow Jones Industrial Average jumped more than 1,000 points, or 4.9%. The S&P 500 gained 4.8% while the Nasdaq Composite advanced 4.1%. Those gains put the Dow and S&P 500 on track for a three-day winning streak. They also put the Dow up about 20% over the past three days.
Boeing, Walgreens and Nike drove the Dow’s gains, with each stock rising more than 7%. Utilities and real estate were the best-performing sectors in the S&P 500, both trading more than 5% higher.
An hour before the opening bell, the Labor Department reported that jobless benefit claims had soared to 3.28 million last week, by far a record. That number blew past the Great Recession peak of 665,000 and the all-time mark of 695,000 in October 1982. However, the number was still better than the most dire estimates on Wall Street. Citi, for example, expected a spike to 4 million.
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