US stocks surge to record highs as jobless claims hit pandemic-era low and retail sales surge

happy trader

US stocks surged to record highs on Thursday following better than expected weekly jobless claims and retail sales data boosted confidence that the economic reopening is progressing.

Jobless claims fell to a pandemic-era low of 576,000, well below economist estimates of 700,000. The previous week’s jobless claims count was revised higher to 769,000.

US retail sales also surged higher in March, according to data from the Census Bureau. Retail sales surged 9.8%, nearly double economist expectations of a 5.8% gain. The surge higher in retail sales came amid warmer weather and as stimulus checks began to work its way into the US economy. The retail sales data was the strongest since May of 2020.

Here’s where US indexes stood at the 9:30 a.m. ET open on Thursday:

Cathie Wood’s Ark Invest funds are bullish on Coinbase, which bought about $250 million worth of the crypto-exchange platform for three of its ETFs in Wednesday trades.

The trading debut of Coinbase helped drive a surge in bitcoin and ethereum on Thursday. Ethereum soared to a record high over $2,400. Coinbase’s current valuation of just under $100 billion makes it more valuable than General Motors, FedEx, and Twitter.

Bank of America beat earnings estimates in the first quarter, as a roaring stock market and rebounding economy helped drive the bank’s profits.

Oil prices were lower. West Texas Intermediate crude fell 0.4%, to $62.92 per barrel. Brent crude, oil’s international benchmark, dropped by 0.2%, to $66.44 per barrel.

Gold jumped 0.8%, to $1,750.40 per ounce.

Read the original article on Business Insider