Bitcoin climbs 4% to $58,000
Bitcoin (BTC-USD) climbed more than 4% over the past 24 hours to hover above $58,000 per token.
The cryptocurrency rose along with the rest of the overall market as a rebound in risk assets gained traction.
Bitcoin is bouncing back from a rough patch. The world’s largest cryptocurrency recently experienced its worst week since the collapse of Sam Bankman Fried’s FTX crypto exchange in November 2022.
Thu, August 8, 2024 at 3:32 PM GMT+1
Nasdaq surges 2% as tech stocks lead gains
Tech stocks led a market rebound on Thursday as the Nasdaq (^IXIC) surged to a session high of 2%.
The S&P 500 Technology Select Sector ETF (XLK) rose more than 2% while Healthcare (XLV) gained almost 2%.
Among the tech heavy Nasdaq 100 (^NDX), the 'Magnificent Seven' stocks all rose.
Thu, August 8, 2024 at 3:10 PM GMT+1
S&P 500, Nasdaq rise to session highs
The S&P 500 (^GSPC) and the tech-heavy Nasdaq (^IXIC jumped to session highs, each up roughly 1.6% by 10 a.m. ET.
The Dow Jones Industrial Average (^DJI) also gained roughly 1.3%.
Stocks rose Thursday after an attempted comeback faltered in the prior session. The major averages opened in green territory following the latest initial jobless claimsreading, giving investors hope that the labor market is in better shape than feared.
Thu, August 8, 2024 at 2:31 PM GMT+1
Stocks open higher as jobless claims ease worries over US economy
US stocks opened higher Thursday after initial jobless claims fell by the most in nearly a year, helping calm worries of a possible recession.
The S&P 500 (^GSPC) rose about 1%, while those on the tech-heavy Nasdaq (^IXIC jumped more than 1.4%. The Dow Jones Industrial Average (^DJI) was up about 0.4%.
Stocks rose after an attempted comeback fell short Wednesday, when the major averages sank during the session, erasing earlier gains.
Weekly initial jobless claims fell more than forecast. Investors took it as a sign that the labor market may not be in as bad shape as feared. Last week's sluggish nonfarm payrolls update served as one of the earliest catalysts of the recent declines.
Investors were closely watching tech stocks which have led the recent market declines. AI chip heavyweight (NVDA) opened higher after losing more than 5% on Wednesday.
The S&P 500 Tech ETF (XLK), along with Industrials (XLI) and Healthcare (XLV), were the leading sectors in early trading.
Thu, August 8, 2024 at 1:49 PM GMT+1
Initial jobless claims fall more than forecast, easing some fears about US labor market
Initial filings for unemployment insurance fell more than expected last week, offering some relief to markets worried about further signs of deterioration in the US labor market and the broader economy.
New data from the Department of Labor showed there were 233,000 initial jobless claims filed in the week ending Aug. 3, down from 250,000 the week prior and below the 240,000 economists had expected. In the week ending July 27, jobless claims hit their highest level since August 2023.
Meanwhile, the number of continuing applications for unemployment benefits hitits highest level since November 2021, with 1.875 million claims filed in the week ending July 27, up 6,000 from the week prior.