Dow jumps 300 points to top 34,000 for the first time amid blowout economic data
U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.
The Dow Jones Industrial Average rose 305.10 points, or 0.9%, to a record close of 34,035.99, marking the first time the blue-chip benchmark has crossed the 34,000 milestone.
The S&P 500 gained 1.1% to 4,170.42, also reaching a record high.
The Nasdaq Composite advanced 1.3% to 14,038.76.
Retail sales surged 9.8% in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. That number topped the Dow Jones estimate of a 6.1% gain.
A separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.
Reference: CNBC
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