Stocks started a slow start following the morning’s weekly renewal of jobless claims, but managed to strengthen on a strong day for Big Tech.
The number of people applying for unemployment benefits in the US last week rose to 744,000 from 728,000, the Labor Department said in a report on Thursday.
“The surge in jobless claims is disappointing, but does not change our view that we will see huge job growth in the next few months as the economy continues to open,” says Jeff Buchbinder, equity strategist at LPL Financial. “We are not really shocked if unemployment approaches pre-pandemic levels by the end of the year.”
A large tech rally pushed the major indices into green territory, with FAANG Apple (AAPL, + 1.9%) is moving up, while Microsoft (MSFT, + 1.3%) and PayPal Holdings (PYPL, + 3.5%) also rose significantly.
No wonder that Nasdaq Composite outperformed the competition, adding 1.0% to 13,829.31. AT S&P 500 rose 0.4% to 4097.17, enough to hit a new high, while Dow Jones Industrial Average added 0.2% to 33,503.57.
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Other actions in the stock market today:
- Small cap Russell 2000 added 0.9% to 2242.60.
- US Crude Oil Futures returned 17 cents, or 0.3%, to $ 59.60 a barrel.
- Gold futures jumped $ 16.60, or nearly 1%, to $ 1,758.20 an ounce, a six-week high.
- AT Volatility Index CBOE (VIX) fell 0.9% to 5:00 pm, the lowest close since February 10, 2020.
- Bitcoin prices are up today, gaining 2.9% to $ 57,741.29. (Bitcoin is traded 24 hours a day; prices are quoted as of 4:00 pm on each trading day.)
More shaky short-term prospects?
Today’s positive for the S&P 500 marked its fifth consecutive close above the round 4000 mark.
“The long-term monthly charts of the S&P are bullish but remain overbought / extended on a short-term basis,” said Dan Wantrobski, technical strategist and deputy director of research for Janney Montgomery Scott on April 5, adding that “this implies that we may have further Consolidation of large-cap US companies is a group that has not (yet) seen a -10% correction this year. ”
Perhaps now is the time to think about stocks that pay dividends, which will ensure that you always get paid, even in volatile markets. Among the stocks that are most likely to continue to pay you during boom and bust periods are Dividend Aristocrats – those 65 dividend-paying firms that have provided higher payouts for at least 25 consecutive years.
There are at least 65 of them in the US. You can also find Dividend Aristocrats elsewhere in the world, providing not only dividend growth but international diversification as well. For example, we recently singled out 25 Canadian dividend aristocrats, and today we are looking across the pond.
Read on to discover 39 European dividend aristocrats who provide not only stability and dividend growth, but also (collectively) a better deal than their American counterparts.