Stock Market Today: Jobless Claims Drop, Energy Stocks Pop

Pandemic-low unemployment claims Thursday lit a fire under energy stocks and helped the S&P 500 and Nasdaq squeeze out new highs.

Oil derricks
(Image credit: Getty Images)

The major indexes made a tidy little jump out of the gate Thursday in response to fresh, encouraging data on the employment front a day after a weak August ADP payrolls reading ruffled some feathers.

The Labor Department reported that jobless-benefits claims for the week ended Aug. 28 dipped to 340,000 – the lowest tally since March 2020, and 5,000 claims fewer than what economists expected – brighter news than yesterday's weak payroll report from payroll firm ADP.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%
https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png

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.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription


Why am I seeing this? Find out more here

Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.