Here's what happened to the stock market on Thursday

A man wearing a mask walks by the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average gains 1,351 points

The Dow advanced 1,351.62 points, or 6.38%, to close at 22,552.17. The S&P 500 gained 6.24% to 2,630.07. The Nasdaq Composite climbed 5.60% to 7,797.54. The Dow rallied for a third straight day — despite a sharp jobless claims increase — as investors cheered the Senate passing a massive stimulus bill.

Record unemployment claims

The Labor Department said Thursday that U.S. unemployment claims soared to a record of 3.28 million in last week. That number blew past the financial crisis peak of 695,000. However, investors shrugged it off as some estimates were even worse than the actual print. Citi, for example, had forecast 4 million claims were filed. Meanwhile, the Senate unanimously passed a $2 trillion stimulus bill to support the economy amid the outbreak. House Speaker Nancy Pelosi later said the bill would pass the House with bipartisan support.

Boeing surges again, Slack rises

Boeing shares rallied 13.75% to lead the Dow higher once again. Meanwhile, Slack shares gained more than 10%.

What happens next?

Wall Street will keep an eye on Congress as the House tries to pass the economic stimulus package. Personal income and consumer sentiment numbers are also set for release Friday.

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