Dow soars 403 points as jobless claims hit pandemic low and banks deliver strong results

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Dow soars 403 points as jobless claims hit pandemic low and banks deliver strong results

US stocks surged on Thursday after weekly and third-quarter earnings results from banks beat expectations. The Dow Jones Industrial Average jumped by about 400 points. Last week's jobless claims hits 293,000, representing the lowest level since March 2020 and beating economist expectations of 319,000. Continuing claims fell to 2.59 million, besting forecasts as well. Strong bank earnings results from , , and beat analyst expectations and suggested consumers remain on solid footing as provisions for credit losses continued to fall from their pandemic heights. The banks were trading higher by about 2% early Thursday. Cathie Wood's Ark Invest that was filed with the SEC on Wednesday, signalling that the futures-based crypto ETF may be eventually approved by the regulatory agency. in the third-quarter following the release of loss reserves and a strong period for equity and fixed income trading. for the third-quarter, as record-high advisory fees and a $1.1 billion reserve release helped boost profits. report as growth in its investment banking and wealth management divisions bested estimates. oil rose as much as 0.92%, to $81.18 per barrel. , oil's international benchmark, jumped 1.13%, to $84.12 per barrel. jumped as much as 0.23%, to $1,798.80 per ounce.

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