Markets

Here's what happened to the stock market on Thursday

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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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