Major market indices closed slightly higher on Thursday, as the tech sector outperformed even amid investors' worries over jobless claims numbers and recent economic warnings from the Federal Reserve.
The Nasdaq closed at a record, ending up 1.06% to 11,264. The Dow Jones Industrial Average gained 46 points, or 0.17%, to 27,739, while the S&P 500 gained 0.32% to 3,385.51
Facebook (FB) - Get Report, Netflix (NFLX) - Get Report, Microsoft (MSFT) - Get Report, and Apple all climbed at least 2%. Tesla's (TSLA) - Get Report stock closed above $2000, breaking a record. Jim Cramer, who used to dislike Tesla stock, recently explained in an interview with the Tesla Daily Maven what changed his mind; Cramer is now bullish on the company.
Meanwhile, the Democratic National Convention concludes this evening with a speech by former Vice President and presidential nominee Joe Biden.
The Labor Department reported Thursday that 1.106 million Americans filed for first-time jobless benefits for the week ended Aug. 15, up from a revised 963,000 claims the week earlier. Economists polled by FactSet had been expecting claims of 920,000.
Continuing claims, which are the number of people not just filing but staying on unemployment benefits, came in at 14.844 million for the week ended Aug. 8, down from a revised 15.480 million the week before.
The continuing claims numbers are reported with a one-week lag, but are considered a better gauge of the labor market.
Steve Bannon, Trump’s former chief strategist, was arrested Thursday. Bannon, along with leaders Brian Kolfage, Andrew Badolato, and Timothy Shea of the “We Build the Wall” campaign, is charged with defrauding donors. The men were indicted by the U.S. Southern District of New York Thursday.