Stocks Brush Aside Record Jobless Claims

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks brush aside record jobless claims. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:

Futures point to gains at the open, building on two-day rally

U.S. stock futures moved modestly higher in early trading and pointed to gains at the open on Thursday, building on recent strength in the Dow Jones Industrial Average and S&P 500. The two indexes have just posted their first back-to-back gains since February.

The S&P 500 (SPY) jumped +6.24% today. All 11 sectors landed in the green by at least +4%. Sector gains ranged from +4% to +8%, check the sector graph below for specifics.

The Dow Jones index climbed +1,351 points (+6.38%) to close at 22,552. The Nasdaq added +413 points (+5.60%) to settle at 7,797.

Stocks Brush Aside Record Jobless Claims

Stocks made a comeback for the third consecutive day, brushing off record high initial jobless claims with the Senate passing an enormous economic stimulus bill after the coronavirus outbreak.

The Labor Department reported that jobless benefit claims had soared to 3.28 million last week, by far a record. That number blew past the Great Recession peak of 665,000 and the all-time mark of 695,000 in October 1982. However, the number was still better than the most dire estimates on Wall Street. Citi, for example, expected a spike of 4 million.

Thursday’s moves came a day after the Senate unanimously approved a $2 trillion economic relief package in an attempt to cushion the blow from the coronavirus outbreak. The stimulus bill now heads to the House, which will push to pass it by voice vote Friday morning as most representatives are out of Washington.House speaker Nancy Pelosi, D-Calif., said the bill will be passed “with strong bipartisan support.”

The bill includes stimulus checks to be sent to people within three weeks, Treasury Secretary Steven Mnuchin told CNBC on Thursday. “We’re determined to get money in people’s pockets immediately,” Mnuchin said.

The Federal Reserve has also stepped in to shore up the economy. Among other things, the central bank has slashed interest rates to near zero and announced an unprecedented quantitative easing program.

Fed Chairman Jerome Powell said Thursday before the open the central bank will not “run out of ammunition” to keep the economy stable.

We still have policy room in other dimensions to support the economy,” Powell said on NBC’s “TODAY” show. “We’re trying to create a bridge from a very strong economy to another place of economic strength.”

Key Takeaways…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P 500 movers.

Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.

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3/26/20

S&P 500 Sector Graph

Stocks Brush Aside Record Jobless Claims

S&P 500 (SPY)

Stocks Brush Aside Record Jobless Claims

Communication Services (XLC)

Stocks Brush Aside Record Jobless Claims

Consumer Discretionary (XLY)

Stocks Brush Aside Record Jobless Claims

Consumer Staples (XLP)

Stocks Brush Aside Record Jobless Claims

Energy (XLE)

Stocks Brush Aside Record Jobless Claims

Episode 1: Basic Investment Strategy – Simply Stock Info: The Podcast

Simply Stock Info: The Podcast Episode 1: Basic Investment Strategy Episode 1 goes over my basic investment strategy for individual investors (from years of watching and learning from CNBC).

Financials (XLF)

Stocks Brush Aside Record Jobless Claims

Real Estate (XLRE)

Stocks Brush Aside Record Jobless Claims

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

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Utilities (XLU)

S&P 500 Sector Heat Map

 

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