The Dow rallied for a third straight day — despite a sharp jobless claims increase — as investors cheered the Senate passing a massive stimulus bill.
The Labor Department said Thursday that U.S. unemployment claims soared to a record of 3.28 million in last week. That number blew past the financial crisis peak of 695,000. However, investors shrugged it off as some estimates were even worse than the actual print.
Citi, for example, had forecast 4 million claims were filed. Meanwhile, the Senate unanimously passed a $2 trillion stimulus bill to support the economy amid the outbreak. House Speaker Nancy Pelosi later said the bill would pass the House with bipartisan support.
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