US STOCKS-S&P 500 Hovers at Record Levels As Jobless Claims Fall

Thursday 1441/12/23 - 2020/08/13
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New York, Aug 13, 2020, SPA -- Apple pushed the S&P 500 and Nasdaq higher today, on Thursday, with the benchmark index nearing an all-time high, as jobless claims fell below one million for the first time since efforts to curb the COVID-19 outbreak in the United States began five months ago, Reuters reported.
The S&P 500 briefly traded above its record closing high of 3,386.15 and was 0.3% away from its intraday record high of 3,393.52 registered in February.
The blue-chip Dow was weighed down by a 11.3 slump in Cisco Systems Inc after the company forecast first-quarter revenue and profit below estimates.
Apple Inc rose 2.4% to about $463.09, less than $5 a share shy of hitting $2 trillion in market capitalization.
Initial claims for state unemployment benefits decreased to 963,000 for the week ended Aug. 8, the lowest level since mid-March but the expiration of a $600 weekly jobless supplement at the end of July likely contributed to the decline.
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.
But Wall Street has recovered most of the trillions in market capitalization lost during the start of the pandemic and the tech-heavy Nasdaq was the first of the three major indexes to hit a record high in June. The Dow is about 5.6% below its February peak.
20:44 LOCAL TIME 17:44 GMT