US, WASHINGTON (ORDO NEWS) — Wall Street rose sharply on Thursday as investors await additional stimulus measures after the number of applications for unemployment benefits in the US over the past week increased to a record 3.28 million.
A week earlier, the number of applicants for benefits was 282,000, according to revised data.
“This is an unprecedented and highest rate since these statistics appeared in the 60s,” said Mike Levengart of E * Trade Financial in New Jersey.
The Federal Reserve is ready to intervene to support lending in the economy and will continue to do so aggressively, said regulator head Jerome Powell on NBC on Thursday, adding that the Fed has room for further action.
The Dow Jones Industrial Average rose 3.8% to 22.006.23 points by 17:30 Moscow time, the S&P 500 grew 3.75% to 2.568.54 points, and the Nasdaq Composite rose 3.16% to 7.617.61 item.
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