US stocks rose slightly Thursday after weekly jobless claims data was less dire than expected. 5.2 million Americans filed for unemployment benefits in the week that ended April 11 — a slightly lower number than the previous report.
Chris Davis is so good at picking stocks he made clients $1 billion on a single trade. He breaks down 3 stocks poised to deliver as coronavirus causes market mayhem.
The unemployment figures, although slightly higher than expected, are the latest economic data to show the impact of the coronavirus pandemic on the US. President Donald Trump said this week that data suggest US COVID-19 cases have peaked, and that he would give guidelines to states on how to reopen economies.
"The economy is clearly in a frozen state at the moment and it's very difficult to know with certainty when the wheels of the economy will begin to move again," Hussein Sayed, chief market strategist at FXTM told Business Insider."Such uncertainty makes analysts and strategists' jobs much tougher as many variables remain unknown and cannot be calculated in valuation models.
Investors also looked to earnings reports early Thursday. Morgan Stanley shares also slipped about 1.3% after the bank's earnings were mixed, showing a beat on trading but lower profit than anticipated. Shares of BNY Mellon gained about 1% after beating earnings estimates. Other banks have posted large declines in first-quarter profits, including Goldman Sachs, Citigroup, and JPMorgan.
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