Dow Rallies Over 1,300 Points Despite US Jobless Claims Recording All-Time High

© AFP 2020 / JEWEL SAMAD

US stocks made high jumps Thursday as the Dow Jones Industrial Average index (DJIA) moved over 1,300 points into the green despite news that some 3.28 million Americans filed unemployment claims the week prior.

Marking a three-day streak, the Dow had gained 1,351 points at the closing bell, while the S&P 500 jumped 154.51 points, and the Nasdaq Composite spiked by 413.24 points. Stocks belonging to Boeing, American Express and Nike, which rose more than 8% during trading, largely drove the Dow’s more than 6% increase.

The DJIA’s closing figure captured the index’s biggest three-day surge since 1931 as it rose over 20%.

Elsewhere, Asian markets took a nosedive as traders awaited the release of the US Labor Department’s report on American unemployment claims. Japan’s Nikkei 225 led the market’s losses by falling 882.03 points, or 4.51%, into the red. 

European markets, however, managed to maintain their positions in green territory despite earlier losses. The UK’s Financial Times Stock Exchange 100 index wrapped up trading with a 127.53-point gain, and the German Dax Performance index closed with a rally of 126.70 points. 

Oil prices, meanwhile, fell after undergoing a three-day gain. With shrinking oil demands amid the COVID-19 pandemic, the West Texas Intermediate crude figures slipped nearly 6%, and Brent crude followed suit with a 2.63% drop.

“With lockdowns in many countries, expectations of oil demand contracting by more than 10 million barrels per day are rising,” Australia and New Zealand Banking Group analysts said in a note seen by Reuters. “Such demand loss will increase the supply glut.”

Citing a Wednesday report from the US Energy Information Administration, the outlet reported that US crude inventories had risen by 1.6 million barrels in the last week, a

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