Markets

Here's what happened to the stock market on Thursday

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Dow swings 780 points to reverse earlier losses to snap three-day losing streak

Dow Jones Industrial Average rises 377 points

The Dow gained 377.37 points, or 1.62%, to close at 23,625.34. The S&P 500 climbed 1.15% to close at 2,852.50. The Nasdaq Composite advanced 0.91% to 8,943.72. The Dow snapped a three-day losing streak as bank shares and oil prices offset more dismal jobs data.

Jobless claims surge by 3 million

The Labor Department reported a total of 2.981 million Americans filed unemployment insurance during the week ending May 9. The number came in worse than expectations of 2.7 million new claims, according to economists polled by Dow Jones. The new claims also brought the coronavirus crisis total to nearly 36.5 million over the past two months, by far the biggest loss in U.S. history.

Banks, energy stocks rise

Bank of America and Citigroup gained 4.02% and 3.60%, respectively. JPMorgan Chase advanced 4.15% while Wells Fargo climbed 6.75%. Energy stocks also got a boost from a 9% oil pop. Chevron advanced at least 1.52% while Halliburton gained 4.30%.

What happens next?

Data on retail sales, industrial production and consumer sentiment are due for release on Friday.

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