SAN JUAN – The US stock market ended Thursday with substantial increases, led by the financial sector. Most bank stocks rose as the Federal Reserve announced changes to provisions of the Volcker Rule, the post-2008 financial crisis regs that prevented bank holding companies from investing in or sponsoring hedge funds or private equity funds.
The U.S. Labor Department reported that during the past week, new unemployment applications fell to 1.48 million or 3.37% fewer, higher than the consensus that it would drop to 1.3 million, and there are still 20 million people unemployed, or 13.3%. We note that the most significant increases in jobless claims were in New York, New Jersey, Oklahoma and Texas.
While we are talking about Texas, Gov. Greg Abbott stopped any further economic reopening as new coronavirus cases rose in a single day to 3,541. Texas also banned elective surgeries, freeing up hospitals, and stopped the plan to ease lockdown restrictions.
The number of COVID-19 case shot up in a single day to new heights, with Arizona registering 3,056, California with 2,611, and Florida with 5,004.
- The Dow Jones Industrial Average closed at 25,745.60, up 299.66, or 1.18%
- The Standard & Poor’s 500 Index closed at 3,083.76, up 33.43 points, or 1.1%.
- The NASDAQ Composite Index closed at 10,017, up 107.84 points, or 1.09%
- The Birling Capital Puerto Rico Stock Index closed at 1,399.61, down 67.46, or 4.6%.
- The U.S. Treasury 10-year note closed at 0.68%.
- The U.S. Treasury 2-year note closed at 0.17%.