US Stocks Open Up As Jobless Claims Soar, Stimulus Advances

Wall Street stocks opened higher Thursday following Senate passage of a massive stimulus bill as the government reported an unprecedented surge in US jobless claims

New York, (UrduPoint / Pakistan Point News - 26th Mar, 2020 ) :Wall Street stocks opened higher Thursday following Senate passage of a massive stimulus bill as the government reported an unprecedented surge in US jobless claims.

About 25 minutes into trading, the Dow Jones Industrial Average was at 21,763.45, up 2.7 percent.

The broad-based S&P 500 also gained 2.7 percent to 2,541.75, while the tech-rich Nasdaq Composite Index advanced 2.2 percent to 7,549.78.

The Senate late Wednesday unanimously approved a biggest-ever $2 trillion rescue package that provides funding to the overstressed health care system, boosts unemployment payments and sets aside lending to small businesses that have been crippled by government-imposed shutdowns to control the spread of the coronavirus.

Passage in the Senate came after days of acrimonious debate and haggling. The bill now goes to the House, where the legislation's pace of advance will depend on whether last-minute objections delay passage.

The measure is needed to respond to the mounting economic hit from the coronavirus, which was apparent in the shocking 3.3 million weekly jobless claims reported by the Department of Labor, the biggest increase ever.