Wall Street rose for the fourth session in a row on Thursday, with the S&P 500 and the Nasdaq Composite finishing at record closing levels, as solid economic data buoyed sentiment.
On the macro side, first-time unemployment insurance claims totalled 779 thousand for the week ended January 30, below consensus estimates of 830 thousand. On the corporate side, eBay jumped more than 10% after beating both revenue and earnings estimates, while PayPal climbed more than 6% after strong quarterly results.
On the stimulus side, Democrats are moving forward with Biden’s $1.9 trillion Covid-19 relief proposal. The Dow Jones climbed 333 points or 1.1% to 31,056. The S&P 500 jumped 42 points or 1.1% to 3872. The Nasdaq added 167 points or 1.2% to 13,778.
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