Eight of the 11 primary S&P 500 sectors closed higher, with industrials up 5.29 per cent, outpacing the rest.
Advancing issues outnumbered decliners by a 8.87-to-1 ratio on the NYSE and a 5.12-to-1 ratio on the Nasdaq. "There's nearly a point where the more policy makers do, whether it's monetary or fiscal, the more people panic in a way".
The S&P 500 is now on pace for its third straight session of gains, the index's longest run since February 12, but has only recouped a fraction of the almost $US8 trillion in value lost since a record high last month as the pandemic showed no signs of peaking.
The gains came the same day the Labor Department released its employment figures showing jobless claims had increased by 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt. Citi, for example, expected a spike to 4 million.
'We know that economic activity will decline probably substantially in the second quarter...
Traders remain optimistic that Congress will pass the $2 trillion coronavirus relief package that will give a boost to businesses ravaged by the coronavirus pandemic and provide support to unemployed Americans. Stocks hit their session highs following her comment. "We're determined to get money in people's pockets immediately", Mnuchin said.
"There's a lot of bad news, there's very little tangible good news and there's a lot of uncertainty in between", said Jack Ablin, chief investment officer at Cresset. Among other things, the central bank has slashed interest rates to near zero and announced an unprecedented quantitative easing program.
Federal Reserve Chairman Jerome Powell echoed that sentiment in a rare interview Thursday morning, telling Savannah Guthrie on NBC's "TODAY" show: "We may well be in a recession, but I would point to the difference between this and a normal recession".
'When the economy begins to rebound, then we'll be there to make sure that rebound is as strong as possible'.
Thursday's gain follows the first two-day winning streak since February for the S&P 500 and the Dow. The rise marked the Dow's biggest percentage gain since 1933. Tuesday was the S&P 500′s best day since 2008.
One day after a record gain at the (virtual) New York Stock Exchange, the Dow Jones Industrial Average had a more modest day of gains, giving hopes to a shaken stock market.
Legendary trader Paul Tudor Jones, however, thinks stocks will be higher in three-to-five months after a retest of the lows.