Nov. 5 (UPI) — A sustained election-week rally put U.S. markets on observe for his or her finest week since April on Thursday.
The Dow Jones Industrial Common climbed 542.52 factors, or 1.95%, the S&P 500 gained 1.95% and the Nasdaq Composite elevated 2.59%, rising for the fourth consecutive day to begin the month, because the outcomes of the presidential election remained unclear.
The Dow was up 7.1% for the week to this point whereas the S&P 500 was up 7.4% and the Nasdaq rose 9% over that point interval, inserting them on tempo for his or her largest weekly positive aspects since April.
Tech shares helped to steer the rise on Thursday as Apple inventory shot up 3.55%, Netflix rose 3.38%, Microsoft climbed 3.19%, Fb elevated 2.54% and Amazon ended the day up 2.49%.
Thursday’s rise got here because the Federal Reserve once more left its benchmark lending price unchanged and near zero on Thursday with the intent of supporting the U.S. financial system throughout difficult occasions amid a public well being disaster.
“The COVID-19 pandemic is inflicting great human and financial hardship throughout the USA and world wide,” the Federal Open Market Committee mentioned.
Markets additionally reacted to new financial knowledge because the Labor Division reported that 751,000 new unemployment claims have been filed for the week ending in Oct. 31 and listed the unemployment price at 5%.