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The confidence of market participants was also boosted after the initial jobless claims for the week ended Aug 7 came in better than expected while continuing claims also witnessed the lowest levels since Mar 14, 2020.
The Dow Jones Industrial Average rose 14.88 points, closing at 35,499.85, closing at a new record high for the third successive session.
The tech-heavy Nasdaq Composite closed the day at 14,816.26, up 0.4%, snapping its two-day losing streak, on the back of strong performance by large-cap technology stocks.
Wall Street moved higher again on Thursday with the Dow and the S&P 500 notching fresh record highs for the third day in a row, and the Nasdaq Composite also making a comeback as investors bought shares of heavyweight technology companies.
The consensus estimate was 376,000 and the previous week’s data was revised upward by 2,000 to 387,000 from 385,000 reported earlier.
Investors also took note of the fact that this marked the lowest level for continuing claims since Mar 14, 2020 when it was reported at 1,770,000.
This also marked the lowest level for the average since Mar 21, 2020 when it was reported at 2,071,750.
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Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month.