All major US stock indices are up this morning on the heels of news that unemployment claims have fallen to their lowest levels since November.
The Dow Jones rose 109 points at market open to 32,390 (+0.29%), with the S&P 500 gaining 23 points to 3,922 (+0.61%). The Nasdaq rebounded after mild losses yesterday, posting a gain of 189 points to 13,258 (+1.45%).
The tech heavy Nasdaq has been volatile in recent weeks, with investors concerned over rising bond yields and inflation concerns. Major contributors to the index are all up this morning, as Amazon and Google post gains of over 1%. Other companies rooted in hardware development like AMD and Nvidia have shown even larger gains, climbing 3.32% and 2.38% respectively.
The markets have largely responded to the latest report from the US Department of Labor, which shows that 42,000 fewer Americans filed for unemployment claims last week.
According to the report, 712,000 Americans filed initial claims for the week ending March 6, with the previous week being adjusted to 745,000 claims. This is the lowest unemployment claims have been in the US since November.
The insure unemployment rate for the week ending February 27 was 2.9%, a decrease of 0.2% points from the previous weeks revised rate.
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