Heavyweight tech stocks such as Apple and Facebook supported the index gains. The index snapped up the composite index, replete with technology stocks, to hit a new record high in early trade, and closed above 11,000 points after surpassing it, for the first time, on Wednesday.
And the benchmark “Standard & Poor’s 500” and the leading stocks index “Dow Jones” industrial moved away from the peak recorded in February, by about 1 percent and 7 percent, respectively.
Said Sal Bruno, director of investment at Index IQ. In New York, “The markets have shown amazing resilience. There is great concern that the opportunity will be missed as the old guard, the tech pioneers, continue to lead the market up.”
The data released on Thursday painted a mixed picture of the US economy, as Labor Department figures showed the first decline in jobless claims, in three weeks, but a separate report revealed an increase of 54 percent in job cuts announced in July. This comes ahead of the government jobs report, due for release on Friday.
Investors are looking forward to the next fiscal stimulus package to counter the repercussions of the Covid-19 pandemic. But Mitch McConnell, the Senate majority leader, said on Thursday that the positions of Republicans and Democrats were still divergent on the substance of the second phase of the stimulus measures.
According to unofficial data, the “Dow” rose 185.66 points, equivalent to 0.68 percent, to reach 27,387.18 points, “Standard & Poor’s” increased 21.39 points, or 0.64 percent, to record 3,349.16 points, and “Nasdaq” advanced 109.67 points, or 1 percent, to 11,108.07 points.