After private payrolls came in at a 6-month high yesterday, many had expected that jobless claims would fall, however that has not been the case.
Data released by the Labor Department on Thursday showed that claims for unemployment benefits were up by 61,000 to 719,000 for the week which ended March 27th.
Markets had initially expected claims to come in at around 680,000, however the result means that more Americans still require further government support, despite the latest stimulus bill.
Now all attention will be on tomorrow’s Non-farm Payrolls report, which is expected to see 647,000 jobs added to the U.S. economy.
S&P 500 records historic 4,000 points
A day after we anticipated this historic feat, the S&P 500 has finally reached a new milestone by trading over 4,000 points.
The index was up to as high as 4,012 in today’s session, rising for a second consecutive day in the process.
Moves made in the index are a far cry from the sell-offs which took place exactly a year ago, with markets falling by as much as 30% in a few days.
Since then we have seen one of the longest bull rallies, resulting in not only recovery, but also substantial growth.
As of writing the S&P 500 was up 0.94% at 4,010.
Oil prices stutter as OPEC+ meet
The Organization of the Petroleum Exporting Countries and its allies which includes Russia, met on Thursday to discuss future oil output.
After deciding to maintain production curbs at last month’s meeting, the cartel will be forced to once again decide whether to increase supply or keep the status quo.
The issue remains global demand for energy, and although the COVID-19 vaccine is being distributed worldwide, there are still concerns about when travel will resume back to normal.
WTI crude rose to an intraday high of $61.02 per barrel, after trading as low as $58.86 earlier in the day.
Quote of the day – “The fundamental law of investing is the uncertainty of the future.”– Peter Bernstein
Senior Market Analyst