U.S. stocks surged today, with the Dow Jones Industrial Average marking its best session this year, as Wall Street embraced a drop in applications 1 for jobless benefits as indicative of an improving U.S. labor market and economy, a day ahead of the monthly jobs report.
“It’s the absence of bad news,” Kate Warne, investment strategist at Edward Jones, said of Thursday’s rally.
“What we’ve seen over the last week or so is the market looking for direction, and then we had worries about emerging markets and slowing U.S. growth, so the knee-jerk reaction was to sell and ask questions later. Now there are indications that the job number may not be as bad as people were fearing so emotions are calming down,” she added.
Read more at CNBC.