At the close of trading Thursday, the Dow ended up 0.15%, the Nasdaq ended up 0.87% and the S&P 500 ended up 0.39%.
Jim Cramer said his ActionAlertsPLUS.com charitable portfolio is looking to lighten its weighting in stocks, aiming for a 15% cash position as the latest jobs report signals further headwinds for the economy ahead.
“The gulf is starting to get big between when we get a vaccine and now, and what’s in the gulf is more layoffs,” Cramer said.
The Labor Department reported Thursday that 742,000 Americans filed for first-time jobless benefits in the week ended Nov. 14, up from a revised 711,000 claims the week earlier. Economists polled by FactSet had been expecting claims of 700,000.
Continuing claims, which are the number of people not just filing but staying on unemployment benefits, came in at 6.372 million for the week ended Nov. 7, down from a revised 6.801 million the previous week, the Labor Department said.
The higher than expected weekly jobless claims come amid rising coronavirus cases and news the U.S. has surpassed 250,000 coronavirus-related deaths, according to Johns Hopkins University.
"Without stimulus, you’re going to run the risk of really having to hunker down again, but this time not get paid to hunker down," Cramer said.
One of Jim Cramer's most-watched stocks for his Action Alerts PLUS portfolio also reported earnings on Wednesday night.
Nvidia (NVDA) - Get Report posted overall third-quarter revenues of $4.73 billion, a 57% increase from the same period last year and firmly ahead of the Street consensus forecast of $4.4 billion. Earnings for the three months ending in September were pegged at $2.91 per share, Nvidia said, up 63% from last year and 34 cents ahead of Street forecasts.
Citing Nvidia's diverse involvement in tech innovation, particularly in video game graphics, Cramer said, "The stuff that they're doing is extraordinary. When you look at a video game, take a look at it and go slowly...you'll see shading...the way people actually look, that's Jensen [Nvidia CEO]."
Daniel Kuhn contributed reporting to this article.
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