Wall Street rises on hopes that worst for labour market is over

NEW YORK - Wall Street gained on Thursday as jobless claims declined for the third straight week, raising hopes the worst of the coronavirus pandemic's impact on the labour market might be over, but a crash in business activity dulled sentiment.

"The decline in initial jobless claims is encouraging, but the damage has already been done with the insured unemployment rate surging to a record high in the week," said Paul Ashworth, chief US economist at Capital Economics. Still, the mood in early trading was risk-on with the only decliners among the 11 S&P 500 sub-indexes being defensive utilities, real-estate and consumer staples .

The energy index climbed 3% as oil prices recovered in a tumultuous week that saw US crude crashing below zero for the first time in history.

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