- Technology stocks led the market higher on Thursday, even as COVID-19 concerns lingered following New York City's decision to transfer its school system to remote learning.
- A rise in daily COVID-19 cases led to an infection rate of more than 3% in New York City, which spurred Mayor Bill DeBlasio to shut down physical learning at schools on Wednesday.
- On the economic data front, 742,000 more Americans filed for unemployment last week, more than experts had forecast.
- Watch major indexes update live here.
Technology stocks led the market higher on Thursday even as concerns over a surge in daily COVID-19 cases and partial lockdowns lingered.
Investors were reminded of the threat COVID-19 still poses to the US economy after New York City transitioned its school system to remote learning on Wednesday.
A continued rise in daily COVID-19 cases led to a seven-day average infection rate of more than 3%, which was the threshold set by NYC Mayor Bill DeBlasio to close physical learning at schools.
Investors also weighed discouraging news on the economic data front as 742,000 more Americans filed for unemployment last week, more than experts had forecast.
Here's where US indexes stood at the 4 p.m. ET market close on Thursday:
- S&P 500: 3,581.86, up 0.4%
- Dow Jones industrial average: 29,483.23, up 0.2% (45 points)
- Nasdaq composite: 11,904.71, up 0.9%
Despite the new round of COVID-19 related restrictions in New York, investors remain hopeful on the successful development of vaccines to prevent the virus.
AstraZeneca became the latest pharmaceutical company to reveal positive data related to its vaccine in development. Phase II trial results of AstraZeneca's COVID-19 vaccine candidate demonstrated a strong immune response in elderly patients, according to data published in the Lancet medical journal.
But a potential vaccine is still months away, and Fed President Loretta Mester said Congress must pass another round of fiscal stimulus to help fend off another economic slowdown caused by COVID-19.
Gold fell on Thursday, declining as much as 1%, to $1,852.81 per ounce.