Despite news that unemployment claims set a record last week as more than 3 million Americans lost their jobs, the Dow Jones Industrial Average continued soaring on Thursday, tacking on 1,351 points, or 6.4%, to finish at 22,552.
Now technically in a bull market once more — the index has risen more than 20% from its lows — the Dow has been bid higher by jubilant investors surrounding the imminent $2 trillion stimulus package.
On the upswing: The S&P 500 experienced its best three-day streak since 1933.
Coty soars. Beauty retailer Coty ( COTY) finished as the single best performer in the S&P 500 on Thursday, jumping 24.2%. Although shares are still down about 40% in 2020 alone, shares are on an epic run, having gained 66% in the last five days.
Macy’s slumps. Shares of department store giant Macy’s ( M) didn’t fare quite as well on Thursday, shedding 10.1% and finishing as the worst performer in the S&P 500. With the coronavirus ravaging the economy, brick-and-mortar retailers like Macy’s have been hit especially hard. Macy’s stock is already down 65% year-to-date.
Signs of discord remain. Despite the huge jump in stocks today, the price of gold also rose and oil prices lost more than 5% — moves typically indicative of a troubled economy and often accompanied by falling stock prices.
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