The market is still on pace for its best week since early April.
The stock market finished lower on Thursday, but losses were small considering another 2.4 million workers filed for unemployment, as investors continue to look ahead to a reopening of the country and economic recovery.
It has been a volatile week for the market so far. Stocks jumped on Monday, fell on Tuesday and rose again on Wednesday. After the market rose more than 1.5% in Wednesday’s session, the S&P 500 hit its highest level since March 6, before the coronavirus downturn. All three major indexes are up at least 3% for the week.
“With a ninth straight week of new weekly jobless claims being counted in the millions, although at a lower level than before, one might be tempted to focus on the continuing decline,” says Mark Hamrick, senior economic analyst for Bankrate.
