US, WASHINGTON (ORDO NEWS) — Major US stocks rose on Thursday as Amazon.com and Netflix rose to record highs, although trading was unstable amid investors worried about the impact of the coronavirus pandemic on quarterly earnings.
Amazon.com shares were up 4.4% and Netflix stocks up 2.9%, as the requirement to stay at home stimulated the demand for streaming services and home delivery.
Restrictions in New York were extended until May 15, despite the fact that hospital admissions and deaths from coronavirus declined to their lowest level in more than a week.
However, the impact of the health crisis on the economy and companies has kept investors in suspense. The first quarter reporting season has gained momentum this week, with US banks preparing for a wave of future defaults on loans after a halt in business activity.
“We will not see the recovery of the V-shape, and I think that investors will eventually understand this, so it’s premature to talk about the bottom of the stock at this stage,” said Alan B. Lancz & Associates Inc. in Toledo, Ohio.
The Dow Jones Index rose 0.14% to 23.537.68 points, the S&P 500 – 0.58% to 2.799.55 points, and the Nasdaq Composite – 1.66% to 8.532.36 points.
The number of applications for unemployment benefits in the US over the past week fell to 5.25 million, while analysts, based on preliminary data, predicted a decrease to 5.11 million.
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