REUTERS: The S&P 500 and Nasdaq rose on Thursday, with Apple inching toward US$2 trillion in market capitalization, as data showed jobless claims fell below one million last week for the first time since the start of the pandemic in United States.
Data last week showed the economy has regained only 9.3 million jobs of the 22 million jobs lost between February and April, indicating that it faces a long road to reach pre-pandemic levels. "There's definitely a stalemate there and it just seems like the market has decided to take an optimistic view around the stimulus talks that's right in line with how markets are looking at every outcome - the economic recovery, earnings recovery, vaccines," said Dan Eye, head of asset allocation and equity at Fort Pitt Capital Group in Harrisburg, Pennsylvania.
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