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Jim Cramer: We Need a Stimulus Plan No Matter the Administration

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Stock were rising in intraday trading on Thursday with tech shares leading the gains as the results in Tuesday's U.S. elections suggested the potential for corporate tax hikes and tighter regulations had diminished.

The S&P 500 is headed for its best week since April.

The number of Americans filing for first-time unemployment benefits totaled 751,000 in the latest week, higher than forecasts, but down 758,000 during the prior week.

The Labor Department will release the official U.S. jobs report for October on Friday.

The Federal Reserve said that it will hold interest rates steady while adding that the economy is well below pre-pandemic levels. Fed Chairman Jerome Powell likely would remain in his role under a Biden presidency.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

WATCH: Everything Jim Cramer Is Watching in Markets Thursday

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