ANOTHER UP DAY FOR WALL STREET Thursday, MAKING IT 3 SESSIONS IN A ROW FOR THE FIRST TIME SINCE early February.
Stocks rose solidly across-the-board despite a record climb in unemployment claims, WITH OVER 3-million AMERICANS FILING FOR FIRST TIME JOBLESS BENEFITS, INSTEAD - INVESTORS looked ahead to the whopping $2 trillion stimulus package awaiting House approval aimed at aiding distressed industries and Americans hurt by THE ECONOMIC FALLOUT FROM THE CORONAVIRUS OUTBREAK. Also boosting investor sentiment: Federal Reserve Chair Jerome Powell said the central bank stood ready to act "aggressively" to shore up credit in the market.
All that helped drive the three major indexes up about 6%. It was the Dow's biggest 3-day gain since 1931.
Manhattan Venture Partners research head, Santosh Rao:
SOUNDBITE: SANTOSH RAO, HEAD OF RESEARCH, MANHATTAN VENTURE PARTNERS (ENGLISH) SAYING:
"There's a sense of certainty that this too will pass, and that's what the markets like. Markets like certainty. That's what was missing."
Back on Wall Street, airline-related stocks once again made big advances. Carriers Southwest, Delta, and American rose. Also up: plane manufacturer Boeing. The Senate bill included a $58 billion provision for the aerospace industry.
Also extending its rebound: cruise line operator Carnival. It was among the day's top gainers on the S&P.