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Stocks experienced a significant surge on Thursday following better-than-expected jobless claims data. The Labor Department reported that initial jobless claims for the week ending August 3 totaled 233,000, falling short of the 240,000 estimate provided by economists surveyed by FactSet.
This more favorable employment data provided a boost to investor sentiment, easing recession fears. The S&P 500 saw its strongest performance since 2022, with a broad rally lifting most of its constituent stocks.
Despite a lackluster performance in a Treasury auction for 30-year bonds, which failed to dampen market enthusiasm, the overall positive reaction to the jobless claims report underscored the market’s optimism.
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