Stocks extend gains following jobless report

Stock markets extended gains Thursday morning following a jobless report that beat Wall Street expectations.

The Dow Jones Industrial Average rose 100 points, or 0.3 percent, above its record Wednesday close, while the S&P 500 neared its own record, rising 30 points, or 0.8 percent. The Nasdaq added 237 points, or 1.8 percent.

Weekly jobless claims earlier Thursday came in at a seasonally adjusted 712,000, below the 725,000 Wall Street expected and just a hair above the pandemic low seen in early November.

Wednesday’s House passage of President Biden’s $1.9 trillion relief bill could push things along further. The bill extends expiring emergency unemployment program and injects a massive shot of stimulus into the economy.

Stocks have surged in recent days as concerns over inflation have begun to recede and spiking bond yields have retreated.