Stocks got off to a slow start following this morning's weekly jobless claims update, but managed to gain ground on a strong day for Big Tech.
The number of people filing for unemployment benefits in the U.S. last week rose to 744,000 from 728,000, the Labor Department said in its Thursday report.
"The jump in jobless claims is disappointing, but doesn't change our view that the next few months will see huge job gains as the economy continues to reopen," says Jeff Buchbinder, equity strategist at LPL Financial. "In fact, it wouldn't shock us to see unemployment approach pre-pandemic levels by the end of the year."
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
A big rally in tech kept the major indices in the green into the close, with FAANG stock Apple (AAPL, +1.9%) heading higher, while Microsoft (MSFT, +1.3%) and PayPal Holdings (PYPL, +3.5%) were also notable gainers.
Not surprisingly, the Nasdaq Composite outperformed its peers, adding 1.0% to 13,829.31. The S&P 500 rose 0.4% to 4,097.17, enough to nab a new high, while the Dow Jones Industrial Average gained 0.2% to end at 33,503.57.
Other action in the stock market today:
- The small-cap Russell 2000 gained 0.9% to finish at 2,242.60.
- U.S. crude oil futures gave back 17 cents, or 0.3%, to settle at $59.60 per barrel.
- Gold futures jumped $16.60, or almost 1%, to end at $1,758.20 an ounce – a six-week high.
- The CBOE Volatility Index (VIX) fell 0.9% to settle at 17.00, its lowest close since Feb. 10, 2020.
- Bitcoin prices rose today, adding 2.9% to $57,741.29. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
A Shakier Short-Term Outlook?
Today's positive finish for the S&P 500 marked its fifth straight close above the round 4,000 mark.
"The long-term monthly charts of the S&P are bullish but remain overbought/extended on a short-term basis," noted Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott on April 5, adding that "this implies we may see some more consolidation ahead out of U.S. large caps – a group that has not (yet) seen a -10% correction so far this year."
Now might be a good time to consider dividend-paying stocks, which ensure you always get paid, even in choppy markets. Among the stocks most likely to keep paying you through boom and bust times are the Dividend Aristocrats – those 65 dividend-paying firms that have delivered higher payouts for at least 25 consecutive years.
At least, there are 65 of them in the U.S. You can also find Dividend Aristocrats elsewhere in the world, providing not just dividend growth but also international diversification. For instance, we've recently highlighted 25 Canadian Dividend Aristocrats, and today, we've turned our gaze to across the pond.
Read on as we highlight 39 European Dividend Aristocrats that provide not just dividend stability and growth, but also (collectively) a better bargain compared to their American counterparts.
-
Stock Market Today: Have We Seen the Bottom for Stocks?Solid first-quarter earnings suggest fundamentals remain solid, and recent price action is encouraging too.
-
Is the GOP Secretly Planning to Raise Taxes on the Rich?Tax Reform As high-stakes tax reform talks resume on Capitol Hill, questions are swirling about what Republicans and President Trump will do.
-
How Can Investors Profit From AI's Energy Use?Global energy demand is expected to grow by leaps and bounds over the next several years as AI usage accelerates. Here's how to get a piece of the pie.
-
Stock Market Today: Dow Drops 971 Points as Powell Pressure Ramps UpPresident Trump is increasing his attacks against Jerome Powell, insisting the Fed chair cut interest rates.
-
Wall Street Is Worried About Apple Stock. Should You Be, Too?Analysts expect Trump's sweeping tariffs to have an outsized impact on Apple stock. How concerned should investors be?
-
The Stock Market Is Selling Off. Here's What Investors Should DoInvestors started fleeing the equities market en masse in response to the Trump administration's "jaw-dropping" tariffs. But the experts say don't panic.
-
Stock Market Today: Dow Rises 854 Points From Its Intraday LowIf there's one thing markets hate, it's uncertainty. But uncertainty is all they're getting these days.
-
Microsoft Stock: Innovation Spurs Its 100,000% ReturnMicrosoft's ability to recognize the "next big thing" has allowed sales – and its share price – to grow exponentially over the years.
-
Stock Market Today: Stocks Skid Into Another Risk-Off TurnThe promise of the AI revolution can't overcome flickering hopes for a "Fed put."
-
CoreWeave IPO: Should You Buy CRWV Stock?The CoreWeave IPO was the biggest public offering of the year so far, with the AI cloud company making its market debut on Friday, March 28.
