The market moved higher on Thursday, despite a continued spike in new coronavirus cases across much of the country, as stocks were boosted by a bigger-than-expected jobs increase last month.The Dow Jones Industrial Average was up 0.4%, over 100 points, on Thursday, while the S&P 500 rose 0.4% and the tech-heavy Nasdaq Composite gained 0.5%.
Stocks jumped after a bigger-than-expected increase in jobs last month: The Labor Department reported thatThe unemployment rate fell to 11.1%, down from 13.3% in May. The jobs data for June was collected in the middle of the month, however, before a spike in new coronavirus cases cropped up across the South and West.
Meanwhile, Lemonade—a digital insurance company backed by SoftBank—went public on Thursday: The stockThe stock market’s recent gains come amid a backdrop of increasing coronavirus infections across the United States, however: Over 50,000 new cases were reported on Thursday alone—another new record. Many states are now pausing or rolling back reopening plans altogether, amid fears that the country will have to shut down the economy again if the rate of new cases continues.“This is yet another sign that our economy is coming back faster than nearly anyone expected,” says Ryan Detrick, senior market strategist for LPL Financial, about the jobs report.
skleb1234 Why not 8 billion jobs? 🙃🗺
skleb1234 🤣🤣🤣🤣🤣 Some people went back to work not jobs added Dummy. This report is from 3 weeks ago. Things have since took a turn for the worse.
skleb1234 Recovered! NOT ADDED
skleb1234 “Added”?No. These are people who were furloughed or laid off going back to work too soon. These were not “added” jobs. That’s bullshit.
skleb1234 *recovered 4.8 million jobs
skleb1234 Let's just ignore the economy is in a recession, 12% unemployment, and when PPP runs dry, the jobs will vaporize. Covid19 is going to force states to shut back down.
skleb1234 Vote Biden 2020
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