Here's what happened to the stock market on Thursday

Wells Fargo Securities' Chris Harvey weighs in on where stocks are headed

Dow Jones Industrial Average rises 46 points

The Dow climbed 46.85 points, or 0.2%, to close at 27,739.73. The S&P 500 gained 0.3% to end the day at 3,385.51. The Nasdaq Composite advanced 1.1% to 11,264.95. Solid gains in tech offset the release of disappointing unemployment data.

Jobless claims back above 1 million

U.S. weekly jobless claims totaled 1.106 million last week, the Labor Department reported. Economists polled by Dow Jones had expected 923,000 first-time applicants during the week ended Aug. 15. In the week prior, the tally had dropped below 1 million for the first time since mid-March. The jump in unemployment claims came as lawmakers struggled to move forward on a new coronavirus stimulus bill. Recently, an additional unemployment benefit for those impacted by the pandemic expired.

Tech leads market

Shares of Facebook rose 2.4% and Apple advanced 2.2% as Big Tech was the best-performing group in the market on Thursday. Amazon climbed 1% and Microsoft closed 2.3% higher.

What happens next?

Existing home sales data are set for release Friday.

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